evening wrap, january 7
market vibes
The Bloomberg Commodity Index (BCOM) annual rebalancing begins tomorrow, January 8, 2026, and runs through January 14. More on that at the bottom of the note.
In NY on Wednesday, precious metals and copper traded lower for 2 reasons. The markets are at all-time highs and … silver… went down 5%. Gold volume was moderate (everything about gold is moderate) and platinum volume was low because open interest is very low. Silver volume was in the upper decile of 2025 but well below December 29’s massive outside reversal down (chart below).
Two-day average true range in silver is $6.14 or 7.7% of settlement tonight. This is one of the smaller true-ranges since late December. ADX is the highest reading in CQG data since 1980 (chart below).
On April 29, 2011 the ADX reading was 70.8. The next day silver fell $6.00. Five days later it was down $20/toz…Today ADX is 73.29. (more on ADX later in the note).
The range in platinum was 11% of settlement today. Two-day ATR is $243 dollars. If the pits were open there would have been blood on the floor.
