Metals: Bounce in Gold and Silver; Ira Epstein's Video for 7-21-2026

[00:00:14]Good evening all. I Rapstein with your metal market wrapup. And this wrap-up is for the evening as we're here now on Tuesday the 21st of July 2026. n't the time right now. Well, we're sitting here uh getting into the neighborhood of what about 6:15 p.m. Central time. I'm still not back. I will be uh later in the week. And you'll see my pretty face on all this one more time. That is coming.

[00:00:42]I found today really interesting. The stock market with a strong rally. It is a Tuesday. We had a break on a Monday, so you get a Tuesday rally. It don't always happen that way, but it happened.

[00:00:52]And the market stayed with the rally. It was a powerful one. Uh it didn't give it up. It held it. And my surprise was it did that in the face of being over $90 in Brent and pushing the 85W level in the WTI. And while people are trying to get the US and Iran to agree to a 10day ceasefire, uh the president is rightly saying, "What's the point of it?

[00:01:19]uh it it just buys 10 days time for Iran and I want to and he's saying quote unquote I want to go bomb a mountain.

[00:01:27]Well, you know, the mountain is the one that they're trying to uh get ready to build their nuclear facility for energy.

[00:01:32]He's going to take that out.

[00:01:35]And he thinks with Hegsth and the other people that went to today Congress for more money, a lot more money for the war, uh that we're doing our job. We're doing what we have to do. Well, the simple fact is we accomplished our job a while back. We had destroyed the ability to go out and immediately develop anything nuclear. The problem is we hung around, didn't do it quick enough, other parts, the mopup, and suddenly Iran took over the straight of four moves. And if you think they're giving that up, you're whistling Dixie. They have a new toy.

[00:02:11]They have a new power. They're going to exploit it, not give it up. So energy prices uh you're going to have to develop ways around the straight of four moves and the other area there's one more straight that you have to look at that the Saudis use that the Houthies are now in control of and this newfound power that Iran has. Would you give it up? I don't think so. They've proven they can take it on the chin. The the government that's in control could care little about the people and the people are turning against America. Why? Well, they're not getting their food. They're not getting other things. Their electricity is being shut off. So, the hardships are being felt. And while you think they're going to cheer America for that, you'd be wrong. Their hardships are there. They wanted America to go in, do a striking bow, take out the government, the Revolutionary Guard, hand back, and uh have a program similar maybe to what's going on in Venezuela.

[00:03:10]It didn't work out that way. And my job here isn't to be a politician. My job here is to talk the futures markets. And the futures markets are relying on that.

[00:03:20]So you may not agree with what I'm saying, but you can't explain why oil is up to $91 unless you get into that and it could go even higher. The problem in the crack spread, and that's what you're feeling in gasoline prices and jet fuel, is that the simple fact of life is the oil America produces in massive amounts, 14 million barrels a day. All right, that that we get rid of, we can't use.

[00:03:48]We buy the oil for our refineries because in America's finite wisdom, we developed those refineries when we were getting oil from Canada and Mexico. And that's a different grade than we produce. Have we built new refineries to handle these grades? You know, better than that. Of course not. So, we sell off the oil we produce. We buy back oil at a higher price. That's uh less. Got to ship it in. In other words, less grade of it. Got to ship it in, handle it, and that kicks up the crack spread.

[00:04:18]We're normally a crack spread. That's the profit of heating oil and uh diesel as an example versus uh the cost of buying the oil and refining it used to make maybe $20. It's 70 now. The refineries are making a killing. And that's the game you want to be in. So if you were to say, "Hey, what game should I be in?" You want to own the refinery stocks. That's that's where the money is right now. And I'm giving you the reasons why. Bonds and notes sitting tight right here. The dollar back over the 101 level.

[00:04:50]Uh and as we look at the other parts of the market just sort of sitting still.

[00:04:55]So let's take a look at what we get tomorrow in the way of information. You get the mortgage bankers association coming out at 6:00 in the morning. The EIA energy report comes out at 9:30. We had the API number. It's in my full research report tonight already. And look at all the earnings you're going to get tomorrow. I've given you the times and so on. This only some of them, but these are the names that many of you know. Uh after the market, you're going to get the two big boys, Tesla and Alphabet, but the rest aren't exactly small. All right. And you've got I was cracking up when I saw Southwest Airlines. Here's an airline stock that has to be on time, right? Time to be determined. I laugh when I see this. All right. When we look at the gold market, you can see how the market's been breaking down. This is the weekly chart of gold prices. It's come down very hard. It's finally getting a little bounce. It's up for the week so far.

[00:05:49]We're in the middle of the week now, 1.82%.

[00:05:53]When we go to a daily bar chart, you can see how the market's right here. Now, I have a broken record. I've been saying day after day after day since all the way back here that I thought the market was going to try to make a bottom at these numbers. Well, it's still trying to make a bottom at those numbers. It's done the first step in it and that it got through a prior swing line high of 40 4,8910 and got up to 409250 today breaking the pattern of lower highs, lower lows, but that's not a bull pattern yet. The market's trying to get over and stay over the 18-day average of closes. It managed to do it on the close and it's there right now as well. And if it can do that, it turns the bias of the market up. But you have to have the bias up along with the swing line with higher lows, higher highs for me to get friendly the market. What I think is going to happen is what I've been saying. I think this market's going to turn between eventually the upper Ballinger band and down here like you're starting to do between the a lower band and the 18-day average.

[00:07:02]Momentum wise, the market's correcting an oversold condition. It's no longer oversold. It was oversold back over here when you had readings at 24, but in the past 36 hours roughly, the market has reversed that and it's no longer in oversold condition. So you have the bias up, momentum pointing up, the swing line, not with it. When we go to the gold silver ratio, I've pointed out to you a couple of days in a row, three of them to be specific, that the market had fallen back to the 18-day average. And from here, it's going to determine what the next move is. It hasn't told us what it is yet.

[00:07:41]The silver market has rallied off the lower bowlinger band back to its resistance of the 18-day average. It too was oversold. It's correcting present tense, not past tense. It's still a 29.95 reading. It's got to be over 30 to get rid of that.

[00:08:05]In the copper market yesterday, power the market came alive and then today it goes bonkers. Take a look at that. The market up rather dramatically up three and a half% today over the upper Ballinger band into the resistance here.

[00:08:22]I can see that I'm friendly and I've been saying to you that this is the strongest of the metals. It's now overbought though. Overbought over and upper Ballinger band is an area to take money off the table, not to join the parade. That doesn't mean it can't go higher, but it's it's certainly not what I'd be telling my subscribers. And I'm not telling them to go short. You can count on that. In the platinum market, you have a higher high, lower low.

[00:08:46]You're just sort of playing around the 18-day average of closes and doing the same in the dollar. But if you take a look at all these Ballinger bands one after the other with these markets, look at how the markets are trading in them.

[00:09:00]Not here in the copper, it finally came out of it, but certainly in the silver market, in the gold market. And that's what's going on. You're in a churn pattern. And when these Ballinger bands narrowed in, I explained to you that that's the exact pattern I thought was going to develop.

[00:09:25]Each morning, each morning I teach, I come out and talk about the futures, the spiders, the ETFs. And in those morning, and it's a video that I start you off with in the morning, and I talk about chart analysis, and both if you get the combo package, you get both that are there. I lay out what I see, what I think you should do, why you should do it, and how to go about doing it. What does that mean? Well, first I put out a morning video between 6:00 and 6:30 in the morning in futures, and I start recording about 9 my video for the ETFs because I want all the morning data to come out first. Once that data is out of the way, I get interested in telling you entry points, objectives on new trade recommendation, stops, and I follow you through with it every day. Before I record my videos in the morning, I send you a spreadsheet of to of those specific trades that I'm recommending or that you're in via my recommendations. I update what to do. When I teach in the videos, I cover my five indicators. You will learn what they are. you will learn from my uh expertise with them what I think they mean and you take it the rest of the way. So I I think it's so important that traders not just put out, hey, I'm friendly. I'm not friendly.

[00:10:44]That's what I do in this free video for YouTube. It is not what I do in the morning subscriber video. There it is.

[00:10:51]The exact trade, what to do, where to do it, how to keep up with it. And I do update throughout the day my window envelope values and other parts and parcels depending on the subscription you have. The bigger picture is covered on the weekends when we just look at weekly videos. Now I trade a lot off of weekly videos and spiders and ETFs. This is posted on the weekend edition for you. And then included with each subscription you get my special reports as I put them out. My QT market center.

[00:11:22]That's your phone app for both Android and Apple. And if you take a look at it, we've just redone it again. It was just redone 4 days ago or so. It is overthe-top in what it now does. You have to try it to see what I'm talking about. But to get all this, just go to irapstein.com research. You can call my staff at any point. You can move your cursor to the top up here, right through this area or over here if you're watching me on YouTube. irapstain.com.

[00:11:51]Join me in the other videos tonight and I'll see you first thing in the