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Re: Macro Commodity Chartpack, 5/25/23.
In honor of my GSCI roots and what I had to do every Sunday night as a junior trader at 22, I give you a quick visual tour of the major commodity groups to assess the current picture of macro health.
In honor of my Goldman Sachs Commodity Index (GSCI) trading roots and what I had to do every Sunday night as a junior trader at 22, I give you a quick visual tour of the major commodity groups to assess the current picture of macro health.
At the time (early 90’s), I had to arb 22-24 underlying commodities against all of our GSCI-linked products. Although index composition has changed and there are other important benchmarks to look at now, I’m going to mainly hew to the original index constituents.
Outside of a couple anomalous situations, most procyclical commodities are not reflecting a robust picture of global demand!
Energy:
WTI Crude Oil, NYMEX:
Brent Crude Oil, ICE:
Nat Gas (Henry Hub), NYMEX:
Nat Gas (TTF), ICE :
Gasoil, ICE:
Gasoline (RBOB), NYMEX:
Heating Oil, NYMEX:
Grains:
Corn, CBOT:
Wheat, CBOT:
Soybeans, CBOT:
Softs:
Sugar, ICE:
Cotton, ICE:
Coffee, ICE:
Cocoa, ICE:
Meats:
Live Cattle, CME:
Live Hogs, CME:
Precious Metals:
Gold, COMEX:
Silver, COMEX:
Base Metals:
Copper, COMEX:
Aluminum, COMEX:
Re: Macro Commodity Chartpack, 5/25/23.
Excellent as always. Thanks Michael.
Hey, did you happen to listen to this pod with Luke Gromen? Love to hear your thoughts on first 15 minutes or so.
I can’t think of anybody better than you who could find the weak points in his arguments.
Have a great weekend!
https://podcasts.apple.com/us/podcast/on-the-margin/id1558223079?i=1000614293150
Major global deflationary collapse incoming as the Black Hole of AI engulfs all inputs previously necessary for existence