Silver Crashes to $77 | Gold Breaks $4,600 | Oversold or More Pain Ahead? Metal Minute Phil Streible

Ajouté : 2026-05-15

[00:00:00]Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

[00:00:07]>> As we're wrapping up the week, it's the inflation concerns that are coming back in a big way here. President Trump stated that he doesn't need the straight of horror moves open and that comment send global bond yields here ripping higher here. The dollar index punched through 99 backing off a bit here as of this recording. 10-year Treasury yields hit 4.53%. Brent crude went up to 10870.

[00:00:27]Precious metals seemingly collapsed, hitting every breakdown of support level. Are they oversold? Let's wrap up the week here. So, I'm Phil Streel, chief market strategist at Blue Line Futures with Metals Minute episode 660.

[00:00:39]So, checking on the precious metals overnight. It's just blood on the screen here. The leadership group from early in the week really was taken to the woodshed here. Trador's comment really lit the fuse here. Yields exploded. The dollar broke 99 and the metals complex just got liquid liquidated across the board. Every single contract's in the red, not just by a little here. So, looking at the silver market down about 7.6%.

[00:01:04]Absolute carnage here. Silver's given back the entire 3-day breakout and then some. Yesterday's $86 type stop zone that was really gone. The loser stop at 84 that was gone. $82 full swing trade stop here that was gone as well. Now we're testing that 787 $77 on that front month on that July contract. Now that's not to be said that a lot of the dip buyers, a lot of people messaging me here this morning looking at that September contract, looking at the December contract, eyeing it back down in the 70s here as a long-term potential buy and hold. So really $78 if it fails on a closing basis, you're probably going to see the breakout traders here get fully liquidated. Now the ETF flows here, the ETFs, they did add about 1.28 28 million ounces of silver in the last trading session. Third straight day of growth here. Institutional buyers, they were adding it to yesterday's strength.

[00:01:55]Today's flush is really going to test that conviction. So, I'd really like to see how are the ETF players coming in and how are they looking at this particular sell-off in the markets here.

[00:02:05]So, going to the gold market, it's down about 2.7% here finally cracking here.

[00:02:09]the 46 or 4645 45 box here that we were looking at that broke here and the trend line support also failed at 4600. Now futures are sitting at about 4570. So below that every level that's the levels we've been watching here. It's really that intermediate uptrend here from the March 2026 capitulation low now under a direct threat here. 4500 more horizontal defense and then 4,400 becomes that trend line here that we're looking at as well. So you got some key whole round numbers to look at on that gold market to the downside. The ETF flows here the fifth straight day of growth. The bid from under gold here really continues as the price collapses and you really want to watch the divergence here because in institutional investors really look like they're catching the falling knife with the gold silver ratio jumping up to 58 to1 showing you it's a bit little bit of risk off here in that silver market other metals. So we were at 53 to1 yesterday morning now 58 to1 here. So it's a massive expansion the last 24 hours. You look at the copper futures that got hammered overnight here. That 662 February contract high that broke here. Then the 650 round number support broke in 638 kind of that first target support broke. And now futures are testing like that 632 level. Remember there was a consolidation zone right around that 622 to 625. That's going to be your next area of support here. And a break below that could open up the door for $6. So just mapping out some of the levels the levels that I put in the chart pack here every day and it's a really weak that week that the precious metals markets and the metals complex here was really split and then it snap back violently. So if you really want to know where I'm watching key levels here next week's catalyst here for gold, silver, copper, platinum, make sure you're on the distribution list for the navigating the week ahead. It hits over the weekend here. It'll give you the levels, the catalyst and the game plan for Monday's open. You could register in the link in the description below. Now, looking at your cross asset picture, because this is really the first thing you should look at every day, you'll get the energy complex here and it's green across the screen. Trump's don't need horos comment here really was the headline of the overnight session here.

[00:04:23]Crude oil ripped, yields ripped, the dollar ripped, and then risk assets, they got sold across the board. It's the structural inflation trade coming back in force here. So, you look at crude oil up about 3.22% 22%. And then you look at December crude oil up 1.78%. Even natural gas catching a bit of a bid here. And then yields higher for longer with inflation. So it's a 10-year Treasury yield sitting at 4 point 4.53%.

[00:04:49]That's the highest in nearly a year. And it's the post PPI carryover plus that hormuse oil shock hammering bonds here.

[00:04:55]So the rate cuts completely off the table here. And now the markets are pricing in the opposite direction. So you look at the FX markets because this is really the second thing you should look at the dollar index here up at 99 here breaking that the first time in weeks and it was the single biggest driver of the precious metals flush here. So typically when the dollar rallies yields rip gold and silver well they get sold here and it's really textbook. So you go to the British pound that's under pressure here as their political drama continues to heat up in the Euro currency that's lower also in that strengthening the dollar index because of that 54% inverse correlation.

[00:05:31]So you look at the equity markets kind of the setup ahead. You do have a lot of red on the screen there as well. It's extending lower into that breakout zone is really under threat here for the S&P 500. You got the NASDAQ here down about 1.3%. Tech leading the way down. AI infrastructure trade is really getting tested here. Here you get the Russell, the small caps are lower. Again, it's the higher for longer theme keeping pressure on them. And then the volatility index. If you go to the front months and at about 1919, you go to June at 21. That's really a handle here that's been much of a fight here uh recently. So you go to Europe and Asia, well European stocks, they dropped because of those oil prices raising the concern here that it's going to be remaining shut for longer. Then you go to Asian stocks. Well, they slid the most since early April here as those oil prices and the inflation concerns continue to weigh in with the MSCI Asia Pacific Index dropping about 2.7% on course to snap that fiveweek winning streak and it was Samsung Electronics and SKH Highix. They drove most of the Cosby's roughly 80% rally this year.

[00:06:31]Each dropped about 7% here overnight.

[00:06:34]So, some commodities on the radar. You look at the grain markets. I talked about corn breaking a key level of support here. soybeans really the discussion was is that a deal was already in place and there was no real adjustments to any kind of new um buying from China. So that put some pressure and that was one of the hardest hit ones yesterday. So under some pressure here with the broader liquidation and then the wheat market kind of reversing yesterday's gain here and coming back in. It's that bean oil really starting to shine through and start to push back higher. So you go to the crypto space, you do have Bitcoin selling off here a bit, testing that 80 level, but not breaking below it on the May contract.

[00:07:12]Ether really under just a little bit more pressure, down about 1.7%, but really consolidating sideways. It's going to be a quiet day on the earnings front. You really want to watch, if you're really paying attention to earnings and you're paying attention to energy companies, you want to look for any kind of guidance given any of these um these movements that we're seeing in the crude oil complex. And then you got economic data, Empire State manufacturing capacity utilization, industrial production. You have that Treasury currency report. No Fed speakers coming out. And really the bottom line here looking at it this week really gave you kind of a lesson here as far as leadership groups because we saw it was the industrial metals at one point. We saw gold in the tail end of it and we saw that this trade it really can reverse in about 24 hours. So yesterday morning we were talking about silver that $90 level hitting it reversing off it. Co copper hitting some recovery highs. Platinum joining the group here.

[00:08:06]And then you look at this morning here you got silver down at $78, copper 632 and platinum back down at 2,000. So really giving up all those gains in a single session. So are they oversold? I would agree so that they they are. Is it a reason to catch the falling knife?

[00:08:22]This is where it really comes into planning your trade training year plan here. Looking at things like the precious metals chart pack that's going to give you some of the key levels and zones here to look for risk management purposes and really give you kind of the broad the road map here as far as going forward the way to play these different markets here. So remember futures and option trading it does involve risk a loss and it may not be suitable to all investors. Good luck, good trading.

[00:08:48]Phone's ringing off the hook over here, so got to drop it a little bit early.

[00:08:52]You guys have a great weekend. Take care.

[00:08:53]>> Futures trading involves a substantial risk loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial