While fundamentals are tight in several of the metals, they cannot justify current valuations. Markets are, instead, held hostage by the growing amount of investment and speculative money out there that is increasingly finding its way into commodities.
More Quotes from Edward Meir:
We cannot rule out further gains later in the week, particularly if (DOE) inventory numbers surprise.Edward Meir
Call it a tug of war, if you will, between bearish fundamentals on the one hand and intermittent geopolitical tensions on the other.
Edward Meir
We think that major moves ... should be held in check, as low volumes suggest that many people are either away, or uninterested in initiating new positions.
Edward Meir
The growth picture looks very solid. We're not seeing any slowdown at all in any of the major metal-consuming countries, despite higher energy prices and higher interest rates.
Edward Meir
This could, in effect, torpedo Russian and Chinese attempts to bring the Iranians around, and escalate the crisis once again.
Edward Meir
Although many polls show that U. S. consumers are intent on altering their behavior (i. e., driving less), we still have not seen significant structural shifts in behavior.
Edward Meir
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