Traders came back from their Thanksgiving break, and they came back with envy.
While Stocks rose throughout the globe in muted fashion, Metals shook Markets again.
Up between 1.30% (to $4,200) for Gold and to 6.50% (!) for Silver, all industrial and precious metals have shined strong in what feels like the beginning of another Debasement Trade wave.
The culprits? A weaker dollar and increasingly more dovish December 10 FOMC pricing (finishing the week priced at 87.5%). They have been late bloomers of the recent pricing, but the way they all rose today was spectacular.
Silver is closing around $57, a new all-time high record, while Platinum gets on the race to tie its yearly record – The moves seem to have been exacerbated by sharp Month-End flows.
Energy commodities however took a significant hit towards the afternoon, as Markets received the news from Victor Orban, Hungarian PM, promising that he would keep buying Russian oil, sending WTI and Brent in a N-Shaped (for nope) sharp action lower.
The session was shortened by many key Market closures in the US.
Still, the theme revolved around Metal outperformance, Oil’s brutal chute and decent risk-asset performance to wrap up a rough month.
https://www.marketpulse.com/markets/metals-shine-bright-again-to-close-the-month-north-american-session-market-wrap-for-november-28/