evening wrap

market vibes

April 15…)

“Language is wine upon the lips.” Virginia Woolf

Margin clercks got a break on Tuesday as another very quiet featureless session opened and closed in silence. Gold, silver, and copper settled circa unchanged. Platinum and bonds were cautiously higher. Stocks and Bitcoin settled a few ticks lower. Volumes were the lowest in months or very close to it.

In oil, BBG reported Russia accounts for 35% of India’s oil imports; in a sense, Russia is India’s Canada. The International Energy Agency has slashed its forecast for demand growth by 29% in 2025 to 730,000 barrels a day. “The global oil market has tipped quickly from being relatively balanced to looking outright sloppy over the next couple of years, with an excess of oil supply over demand this year and next averaging about 840,000 barrels per day.”

Oil has lost 80+% of its value relative to gold since 2009.

I’m not sure the Gold / oil ratio in the above chart is a threat to either’s trend in force, but it is good to keep an eye on it…China? Oil? Gold? Let’s check it out.