Bonds Rally Again, Oil Tops $100, Metals Get Slammed, and Paper Palladium Continues to Explode
Bonds rallied again as yields fell and TLT gained, while crude oil closed above $100. Gold and silver declined sharply, but paper palladium open interest continued to surge dramatically amid the price drop.
Source: Peak Prosperity
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DW NOTE
The Strait of Hormuz has been effectively shut for eight months — oil above $100 isn't a rally, it's the physical market repricing scarcity while paper traders pretend supply chains still exist. Meanwhile gold falls 25% from its January high and palladium open interest surges as the price drops, which is what futures markets do when they've decoupled entirely from the commodity they claim to represent.