Commodity Prices Set For New Highs In June – What’s Next?

Commodities Fundamental Analysis

Traders are pumping more money into Commodities right now than at any time in the last decade, to capitalize on the four biggest and most explosive macro themes driving the Commodities Supercycle from Rapidly Surging Inflation, The Global Energy Shock, EV Revolution and Global Food Crisis.

One of the dominant themes of the current Commodity Supercycle that needs no introduction is the Global Energy Shock. This has captured the world’s attention and positioned the energy sector as one of the most sought after asset classes this year.

Last week, EU leaders announced an agreement to ban 90% of Russian Crude imports by the end of the year – adding a further supply shock to an already under-supplied market. Simultaneously, China – the world’s second-largest economy and biggest importer of Commodities – officially ended a two-month lockdown on June 1.

Both these pivotal events immediately sent Oil prices surging back $120 a barrel, the highest level since March. Expectations are now running high, that the Oil market may see an identical V-shape recovery in demand as seen in 2020 when China previously ended lockdown. That event triggered an historic bull run taking Oil prices from sub $40 a barrel in April 2020 to a decade high of almost $140 a barrel in April 2022. That’s a record-breaking gain of more than 450%, in the last two years.

Elsewhere in the Commodity markets, another star performer last week was Copper.

Copper which is a key metal in infrastructure, electric vehicles and renewable energy surged on Wednesday after China launched a $120 billion credit line for mega Infrastructure and Green Energy projects to stimulate the economy.

The cliché move, straight out of an old policy playbook, echoes similarities with President Biden’s ambitious ‘Infrastructure spending frenzy and Green Energy Revolution’, almost exactly a year ago – which played a monumental role in kick-starting the current Commodities Supercycle.

Ultimately, China’s mega Infrastructure and Green Energy push means one thing. China is going to need more Commodities and lots of them.

Specifically industrial metals including: Aluminium, Copper, Cobalt, Nickel, Lithium, Palladium, Uranium, Zinc and Rare Earth metals, just to name a few.

But as we know, for the first time in decades, the world is running out of Commodities at a record pace and facing an historic shortage off the back of a “triple deficit” – low inventories, low spare capacity and low investment.

China’s growing appetite for Commodities is only going to exacerbate those issues and add further fuel to the Commodities Supercycle as global demand continues to outstrip supply.

To quote Warren Buffett, “the Commodity markets right now, represent one of the greatest generational opportunities of our lifetime, not to be missed.”

Commodity Prices Forecast Video for 6 – June 2022

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

Daily Gold News: Monday, June 6 – Gold Price Came Back to the $1,850 Level

Gold Price Recap

The gold futures contract lost 1.13% on Friday, June 3, as it extended its consolidation. On Thursday the market broke slightly above the recent trading range, but on Friday I came back closer to the $1,850 following the U.S. monthly jobs data release. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is trading slightly above the Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is trading just above the $1,850 level. What about the other precious metals? Silver is 2.1% higher, platinum is 1.4% higher and palladium is 2.1% higher. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Friday’s important Nonfarm Payrolls release has been higher than expected at +390,000. Today we won’t get any new important economic data announcements.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, June 6

  • All Day, Eurozone – German Bank Holiday, French Bank Holiday

Tuesday, June 7

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 8:30 a.m. U.S. – Trade Balance
  • 3:00 p.m. U.S. – Consumer Credit m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

UK lawmaker Norman says he can’t back Johnson in any circumstances

LONDON (Reuters) – British Conservative Party lawmaker Jesse Norman, previously loyal to leader Boris Johnson, said on Monday he could no longer support the prime minister, calling on Johnson to end the charade of staying in office as it insulted the electorate.

Johnson is set to face a vote of confidence later on Monday, after growing criticism of his leadership over the “partygate” scandal and a hostile reception at Platinum Jubilee events at the weekend when he was booed.

“I have always been deeply committed to public service,” Norman, a former junior finance minister, said in a letter to Johnson that he published on Twitter.

“But recent events have served to clarify the position this country is in under your leadership, beyond any doubt; and I am afraid I can see no circumstances in which I could serve in a government led by you.”

At least 54 lawmakers have already said they have requested a confidence vote to the chairman of the party’s 1922 Committee, Graham Brady, triggering the vote, to be held later on Monday.

Norman said he had also submitted a letter, citing “casual law-breaking” at Downing Street when COVID-19 rules were breached with lockdown gatherings, and the questionable legality of his Brexit and immigration policies among other things.

“People are crying out for good government … neither the Conservative Party nor this country can afford to squander the next two years adrift and distracted by endless debate about you and your leadership,” he wrote.

“For you to prolong this charade by remaining in office not only insults the electorate, and the tens of thousands of people who support, volunteer, represent and campaign for our party; it makes a decisive change of government at the next election much more likely. That is potentially catastrophic for this country.”

(Reporting by Farouq Suleiman; Writing by William Schomberg and Alistair Smout; Editing by Kate Holton and Elizabeth Piper)

Queen Elizabeth ‘humbled’ by cheering Jubilee crowds

By Michael Holden and Kate Holton

LONDON (Reuters) – Queen Elizabeth said she was humbled by the support she had received during her Platinum Jubilee after crowds of royal fans cheered her appearance on the balcony of Buckingham Palace, flanked by her heir Prince Charles and two other future kings.

The 96-year-old monarch had withdrawn from several events during the four-day celebrations due to “episodic mobility issues”. On Sunday she was greeted by huge cheers, trumpets and a rendition of the national anthem before retreating inside.

Wearing bright green, the queen smiled and waved as she appeared alongside son and heir Charles, grandson William and his eldest child, George. Charles’ wife Camilla, William’s wife Kate and their two younger children made up the unusually small family group on the balcony.

“I have been humbled and deeply touched that so many people have taken to the streets to celebrate my Platinum Jubilee,” she said in a statement.

“While I may not have attended every event in person, my heart has been with you all; and I remain committed to serving you to the best of my ability, supported by my family.”

The queen was forced to miss some of the events because of discomfort while travelling and activity they required, the palace has said, issues that have recently caused her to cancel a number of engagements.

She has reigned longer than any of her predecessors, ascending to the throne in 1952, aged just 25, inheriting dominion over a Britain still emerging from the ravages of World War Two and with Winston Churchill as prime minister.

The appearance on the balcony capped the final day of the national celebration, with a colourful and eccentric pageant making its way through London, with military bands, vintage cars, dancers and celebrities parading through the streets.

The Gold State Coach that carried the queen to Westminster Abbey to be crowned in 1953 formed part of the pageant, seen in public again for the first time in 20 years.

Representatives from Britain’s diverse communities, and across the Commonwealth, danced and marched through the streets, while other performers dressed as animals, nuns, cake stands and people from every decade of the queen’s reign.

Once the pageant came to an end, crowds surged up the Mall grand boulevard to stand before Buckingham Palace and wave Union flags. Singer Ed Sheeran also performed.

Once the queen moved back inside, the cast of “Mamma Mia” broke out into a performance of “Dancing Queen” on the stage.

‘DANCING QUEEN’

Hundreds of thousands of royal supporters have held street parties or gathered in London to watch the Jubilee festivities in what is for many the first major national public event since the COVID-19 pandemic.

While the first three days included the more traditional fare of a military parade, a Royal Air Force flypast, and a service of thanksgiving, Sunday’s events included races between Corgis, the dog breed beloved by the queen.

On Saturday the monarch also appeared in a pre-recorded comic sketch with Paddington Bear ahead of a pop concert outside Buckingham Palace, before she tapped in time with the Queen anthem “We Will Rock You”.

Another star of the Jubilee was 4-year-old Prince Louis, the youngest son of Prince William, who earlier screamed at an airforce flypast. On Sunday he pulled faces at his mother and tried to stop her talking. He was also bounced on the knee of his grandfather Charles, while looking bored.

The pageant included more than 100 “national treasures” ranging from former soccer player Gary Lineker to model Kate Moss, runner Mo Farah and children’s TV puppet Basil Brush.

A series of “Big Jubilee Lunches” were held across Britain and 600 such gatherings also took place in Canada, Brazil, New Zealand, Japan, South Africa and elsewhere.

Opinion polls suggest a majority of Britons want the monarchy to remain, and indicate overwhelming support for the queen herself.

Sheila Clark, 64 and a teacher from Glasgow, said seeing the family on the balcony had made her weekend.

“It’s been absolutely fabulous,” she told Reuters. “I saw the queen on Thursday on the balcony. I was delighted to do that but I didn’t know whether she would come today and I didn’t know whether I would get a chance to see her.

“That was wonderful.”

(Additional reporting by Helena Williams and Sarah Mills; Editing by David Holmes, Frances Kerry, Raissa Kasolowsky and Tomasz Janowski)

As Britons thank Queen Elizabeth for 70 years, monarchy looks to future

By Michael Holden and Lucy Marks

LONDON (Reuters) – While millions watched the Platinum Jubilee festivities to thank Queen Elizabeth and reflect on her 70 years on the British throne, for the monarchy itself, the four-day celebrations have also very much been about looking to the future.

From parades in London and a party outside Buckingham Palace to a Service of Thanksgiving, many in Britain have been paying affectionate tributes to a 96-year-old who has reigned longer than any of her predecessors in 1,000 years.

But the queen’s absence at many of the Jubilee events because of health issues meant the celebration of her reign provided a focus on the next monarchs, her son Prince Charles and his son William.

Royal biographer Robert Lacey, the historical consultant to Netflix’s hugely popular TV drama “The Crown”, said the queen was laying the ground for what comes next.

“The Jubilee had a double-edged significance,” he told Reuters. “Yes, it celebrated the queen and what will one day be the past, but it’s also provided a platform for the new formula and pattern for the future.”

The queen missed out on most of the big Jubilee events due to what the palace calls “episodic mobility problems”, which have forced her to cancel public appearances recently and have highlighted her advancing years.

In her absence, son and heir Charles,73, and his son William, the second in line, have been to the fore.

In a notable finale on Sunday, the queen appeared on the balcony of Buckingham Palace flanked by the three next monarchs – Charles, William, and his eldest child Prince George.

Journalist Tina Brown, a longtime observer of the British royalty, also said Elizabeth had been focused on succession.

“Her feelings and her sentiments right now are all about estate planning for the monarchy,” she told BBC TV. “Her only care right now is that things should be put in a good order for Charles and that everything can be done to make his reign easier.”

Brown and Lacey said that was why the queen used the actual 70th anniversary of her accession to the throne in February to announce she wanted Charles’s second wife Camilla to be queen consort, removing any future controversy over her role.

FLUCTUATING FORTUNES

During Elizabeth’s long tenure, the fortunes of the monarchy have often fluctuated, such as from a low that followed the 1997 death of Princess Diana, Charles’s captivating first wife, to the highs of the wedding of grandson William and his spouse Kate, and the birth of their children.

The last three years have been particularly tough on the institution.

First, the queen’s second son Prince Andrew was forced to quit public duties over his friendship with the late, disgraced U.S. financier Jeffrey Epstein, and he later settled a lawsuit with a woman who accused him of sexually abusing her when she was 17.

He denied the allegation and has not been accused of criminal wrongdoing, but his reputation was shattered.

Meanwhile, William’s younger brother Harry and his American wife Meghan moved to Los Angeles from where they have delivered stinging attacks on Buckingham Palace, most notably an accusation of racism in an interview with Oprah Winfrey.

“We’re very much not a racist family,” William said.

While both events stained the reputation of “The Firm”, as Britain’s royal family calls itself, opinion polls in Britain suggest the lasting damage has mainly been to Andrew and Harry themselves.

PROPORTION

Lacey said the Jubilee had reminded many people of the positives a monarchy brought, adding: “Charles and Camilla are associated with that in a way you would not have thought possible a few years ago.”

But for all the celebrations this week and plans for the future, there remain some dark clouds on the horizon.

Polls show the queen is hugely popular and older Britons are overwhelming in favour of the monarchy, but they also indicate young people are far more indifferent and support has slipped over the last decade.

While Harry and Meghan have kept a low profile during the Jubilee, the prince is writing a memoir due to be released later this year that could contain more explosive details.

Barbados removed Elizabeth as its head of state last November and there is a growing feeling that republican sentiments will grow in the 14 other countries that have the British monarch as their queen.

The new centre-left Labor party in Australia, which voted against ditching the monarchy in 1999, has named the country’s first “assistant minister for the republic”.

“I don’t know that it will ever be the same when she’s not here any more, that’s how we feel about it (in New Zealand),” said Patricia Burrowes, 80, who travelled from Auckland for the Jubilee celebrations.

Some at the festivities felt the monarchy would remain integral to Britain even as the queen’s role might be drawing to an end.

“It’s easy to be critical of it and say it isn’t for these times,” said Ian Higgins, 62, a mental health nurse. “But I think having something that brings people together that isn’t political but unites people is so important for this country, and the rest of the world loves it as well.”

As to whether there would be a similar outpouring for Charles when he becomes king, the feeling was mixed.

“We’ll have to wait and see,” said Amanda Mackenzie, 51, a yoga teacher from London. “We’ll have to wait and see.”

(Editing by Kate Holton and Frances Kerry)

Queen Elizabeth ‘humbled’ by Platinum Jubilee response

LONDON (Reuters) -Queen Elizabeth said on Sunday she had been “humbled and deeply touched” by the number of people coming out to celebrate her Platinum Jubilee at the conclusion of four days of festivities to mark her 70 years on the British throne.

Tens of thousands of people have attended street parties or cheered on parades through central London, while millions watched a pop concert outside Buckingham Palace which was broadcast on live television.

In her message to the nation, she thanked the public for their good wishes and the role they had played.

“When it comes to how to mark 70 years as your queen, there is no guidebook to follow. It really is a first. But I have been humbled and deeply touched that so many people have taken to the streets to celebrate my Platinum Jubilee,” she said in a statement.

The queen herself has been forced to miss a number of the major events due to mobility problems, but was able to appear on the balcony of Buckingham Palace to wave to cheering crowds at the finale of celebrations on Sunday.

“While I may not have attended every event in person, my heart has been with you all; and I remain committed to serving you to the best of my ability, supported by my family,” she said.

“I have been inspired by the kindness, joy and kinship that has been so evident in recent days, and I hope this renewed sense of togetherness will be felt for many years to come.”

(Reporting by Michael Holden. Editing by Jane Merriman and Kate Holton)

‘You continue to make history’: Prince Charles pays tribute to mum Queen Elizabeth

By Michael Holden and Kate Holton

LONDON (Reuters) -Prince Charles paid an emotional personal tribute to his mother, Queen Elizabeth, on Saturday during celebrations to mark her Platinum Jubilee, praising the monarch for uniting the nation and continuing to make history during her 70-year reign.

Charles spoke at a pop concert that opened with a comic sketch of the 96-year-old monarch having tea with Paddington Bear and tapping out the tune to the Queen anthem “We Will Rock You” on her china teacup.

The heir-to-the-throne appeared towards the end of the concert at Buckingham Palace. As images of Elizabeth’s reign were displayed on the walls, Charles, 73, said the Jubilee had given the country the chance to say thank you.

“You pledged to serve your whole life – you continue to deliver. That is why we are here,” he said in a message to the queen, who was at her Windsor Castle residence outside London.

“You have met us and talked with us. You laugh and cry with us and, most importantly, you have been there for us, for these 70 years,” he added, referring to the queen as “mummy”.

The Saturday festivities were among a number of Jubilee events that Elizabeth has missed because of “episodic mobility problems” that have caused her to cancel engagements recently.

The opening video with the fictional character Paddington had echoes of 2012 when the queen appeared with Britain’s most famous fictional spy, James Bond, in a video for the opening ceremony of the London Olympics.

In the clip on Saturday, she told Paddington she always kept the Bear’s favourite – a marmalade sandwich – in her ever-present handbag.

A palace spokesman said: “The opportunity to invite a famous bear to tea was just too much fun to miss.”

Queen’s “We Will Rock You” then opened the show before the cast of “Hamilton,” Andrea Bocelli, Alicia Keys and Diana Ross performed in front of tens of thousands of people crammed around the palace, down the Mall grand boulevard and in a nearby park.

Charles and wife Camilla; son William, wife Kate and their two eldest children sang along with the crowd before an aerial drone light show projected images into the sky, including the monarch on a stamp and the outline of her dogs.

MAKING HISTORY

The four days of celebrations to mark the monarch’s seven decades as queen began on Thursday with a military parade and a Royal Air Force flypast, and a National Service of Thanksgiving on Friday.

At the concert, Prince William spoke about his family’s record on the environment, while Charles also acknowledged his father, Prince Philip, who died last year aged 99.

“My papa would have enjoyed the show and joined us wholeheartedly in celebrating all you continue to do for your country and your people,” he said.

“You continue to make history.”

Elizabeth ascended the throne aged 25 on the death of her father, George VI, in 1952, inheriting dominion over a Britain still emerging from the ravages of World War Two and with Winston Churchill as prime minister.

In total, there have been 14 prime ministers and 14 U.S. presidents during her reign; the Berlin Wall rose and fell; Britain joined and left the European Union; and her nation’s own once-mighty empire disintegrated, replaced by a Commonwealth of 54 nations. Elizabeth was instrumental in creating the latter and many regard its success as her greatest achievement.

Polls suggest a comfortable majority believe the monarchy should remain. A recent Ipsos survey put support for the queen at 9 out of 10 respondents. But Charles is less popular and support among the young is waning.

Supporters see the queen as a source of soft power in the world and a stabilising factor: a bridge between the nation’s past and its present.

As Charles delivered his tribute, projections of the queen, which he had selected, were beamed onto the walls of the palace.

These included a carriage ride with former South African President Nelson Mandela during his 1996 state visit and her famous 2012 handshake with former IRA guerrilla commander Martin McGuinness, who later became the deputy first minister of Northern Ireland.

Sunday will mark the final day of the celebrations, when singer Ed Sheeran will join some 10,000 performers and the armed forces for a parade which will trace a route similar to that taken by the queen on her coronation.

(Reporting by Michael Holden and Kate HoltonEditing by Helen Popper, Mark Potter, Peter Graff and Leslie Adler)

UK police briefly evacuate London’s Trafalgar Square over suspect car

LONDON (Reuters) -British police on Saturday briefly evacuated London’s Trafalgar Square, close to where celebrations are to be held later to mark Queen Elizabeth’s Platinum Jubilee, after reports of a suspicious vehicle but said the security alert had concluded.

“This was investigated and after police took action we have no further concern. This was not terrorism-related,” police said on Twitter.

A police spokesman said earlier lots of checks were being carried out in the area, a short distance from where a concert is to be staged outside Buckingham Palace later in the day.

(Reporting by Michael HoldenEditing by Mark Heinrich)

North Korea’s Kim Jong Un sends congratulations to Queen Elizabeth on Jubilee

SEOUL (Reuters) -North Korean leader Kim Jong Un has sent a message of congratulations to Queen Elizabeth, the reclusive state’s foreign ministry said, as Britain celebrates her Platinum Jubilee.

Friday marked the second of four days of pomp, parties and parades to celebrate the 96-year-old monarch’s record-breaking 70 years on the throne.

“I extend my congratulations to you and your people on the occasion of the National Day of your country, the official birthday of Your Majesty,” Kim said in a message dated June 2.

Britain and North Korea established diplomatic relations in 2000.

North Korea is one of the few countries that the queen, who is also head of state of 14 other nations including Australia, Canada and New Zealand, has never visited during her long reign. She has however paid a state visit to South Korea.

(Reporting by Joyce LeeEditing by Gareth Jones)

Australia PM honours Queen Elizabeth amid renewed republican debate

SYDNEY (Reuters) – Australia’s new prime minister honoured Queen Elizabeth in Canberra on Saturday amid celebrations for her 70 years on the throne and renewed debate about Australia becoming a republic.

Anthony Albanese, whose centre-left Labor party ended almost a decade of conservative government in a May 21 general election, renamed the capital’s Aspen Island as Queen Elizabeth II Island, describing it as a “fitting salute” to the monarch.

“Today we celebrate her long life and 70 years of service to Australia and the Commonwealth, including no less then 16 visits to our shores,” Albanese said at a ceremony in Canberra.

Earlier this week, Albanese joined more than 50 Commonwealth leaders in praising the queen amid her Platinum Jubilee celebrations, but added that Australia’s relationship with the monarchy had matured, fuelling debate about becoming a republic.

Discussion about whether Australia should become a republic was re-ignited on Tuesday when Albanese named the country’s first “assistant minister for the republic” in his ministry.

Debate over whether the nation should become a republic has continued for decades in Australia, which was colonised by the British in 1788 and remains a key Commonwealth member. The queen is Australia’s head of state.

A 1999 national referendum on the issue went in favour of maintaining the status quo, 55% to 45%.

Albanese has previously indicated his support for republicanism, but his government is expected to wait until a second term to advocate for a formal break from the monarchy.

(Reporting by Samuel McKeith; Editing by Raju Gopalakrishnan)

Empire State Building shines purple, gold for Queen Elizabeth Jubilee

By Roselle Chen

NEW YORK (Reuters) – New York’s Empire State Building will shine in regal purple and gold on Saturday to honor the Platinum Jubilee of Queen Elizabeth.

British Consul General to New York Emma Wade-Smith was joined by British-American DJ, songwriter and producer Mark Ronson on Friday to flip the switch that illuminated a model of the tower.

“It’s a beacon, much in the same way that the queen is a beacon, someone who embodies so much of what we and the world love about the UK,” Ronson said at the lighting ceremony.

Queen Elizabeth, 96, is celebrating 70 years as head of state. She has now been on the British throne for longer than any of her predecessors in 1,000 years.

She became queen of the United Kingdom and more than a dozen other realms, including Canada, Australia and New Zealand, on the death of her father, George VI, in February 1952.

(Reporting by Roselle Chen; Editing by Richard Chang)

Queen Elizabeth thanked for being ‘still in the saddle’ after 70 years

By Michael Holden and Kate Holton

LONDON (Reuters) -Horse-loving Queen Elizabeth was thanked for being “in the saddle” for 70 years as head of state at a service on Friday to celebrate her Platinum Jubilee, an event she missed due to her “mobility issues”.

Other senior members of the royal family joined a congregation of politicians, charity figures and groups the queen has supported for the National Service of Thanksgiving at St Paul’s Cathedral in London to pay tribute to the sovereign’s record-breaking reign.

Four days of celebrations began on Thursday when a beaming Elizabeth waved to crowds from the balcony of Buckingham Palace after a military parade and Royal Air Force flypast. She later led the lighting of the Principal Platinum Jubilee Beacon at her Windsor Castle home near London.

The 96-year-old, who has been forced to cancel a series of engagements recently due to an “episodic mobility problem”, reluctantly pulled out of Friday’s service after experiencing “some discomfort” the previous day, the palace said.

Elizabeth, who is a devout Christian and also the titular head of the Church of England, watched the service on television at Windsor Castle.

Her son and heir Prince Charles, 73, represented her, while much attention was focused on her grandson Prince Harry and his wife Meghan, who were making their first public appearance together in Britain since stepping down from royal duties two years ago.

The couple moved to the United States to lead a more independent life, and have since delivered some stinging attacks on Buckingham Palace and the royal family. They were greeted by cheers and a few boos by fans outside, while members of the congregation strained to catch a glimpse as they walked through the cathedral.

ENDURANCE

Noting the queen’s well-known love of horse-racing, Archbishop of York Stephen Cottrell said in his sermon that her reign reflected the distance of the Grand National, the famous, gruelling steeplechase, rather than the Epsom Derby sprint.

“But with endurance through times of change and challenge, joy and sorrow, you continue to offer yourself in the service of our country and the Commonwealth,” he said.

“Your Majesty, we are sorry that you’re not here with us this morning, but we are so glad that you are still in the saddle. And we are glad that there is still more to come. So thank you for staying the course.”

Buckingham Palace later confirmed the queen would also miss Saturday’s 243rd Epsom Derby, which she normally attends and which together with a pop concert outside Buckingham Palace will be the focal point of the third day of Jubilee celebrations.

As with the service, she will watch the Derby on television.

Also absent from Friday’s service was her second son, Prince Andrew, 62, who has tested positive for COVID-19.

That spared the royals some awkwardness, with Andrew’s reputation shattered after he settled a U.S. lawsuit in February in which he had been accused of sexually abusing a woman when she was underage, claims he denied.

Prime Minister Boris Johnson, who delivered a reading, was also met by a mixture of cheers and boos from the crowd outside the cathedral, reflecting recent public anger over his conduct in office.

Yvonne Thomas, who had travelled from east London, said she loved the queen but felt Harry and Meghan had been disrespectful towards the monarch with their criticism of the institution. “I think they should be more supportive towards her,” she said.

Others in the crowd were delighted to see the couple return, along with the rest of the family. “While I am disappointed the queen is not here today, she deserves a day off,” said Akachi Okoro, 45, who had travelled from Scotland.

After the service, the Lord Mayor of the City of London hosted a reception at the medieval Guildhall that was attended by most of the senior royals, Johnson and his ministers.

Thursday marked not only the start of the Jubilee, but also the 69th anniversary of the coronation of Elizabeth, who became queen on the death of her father George VI in February 1952 and is head of state of 14 other countries including Australia, Canada and New Zealand.

She has now been on the throne for longer than any of her predecessors in 1,000 years, and is the third-longest reigning monarch ever of a sovereign state. Opinion polls show she remains hugely popular and respected among British people.

Tributes have poured in from across the globe, with North Korean leader Kim Jong Un adding his own congratulations to those from the likes of U.S. President Joe Biden and Pope Francis.

(Editing by Gareth Jones)

UK’s Johnson jeered on arrival at Platinum Jubilee service

By Kate Holton and Michael Holden

LONDON (Reuters) -British Prime Minister Boris Johnson was greeted with a chorus of boos and jeers as he arrived at a Service of Thanksgiving for Queen Elizabeth on Friday, in a public reflection of the growing pressure on his leadership.

Climbing the steps of St Paul’s Cathedral towards leading members of the country’s church and military, Johnson and his wife Carrie smiled and walked on as audible boos rang out from some among the thousands of royal fans lining the streets.

Others in the crowd then clapped and cheered.

Johnson has faced widespread calls from opposition politicians, and some in his own party, to resign over a “partygate” scandal that revealed both he and Downing Street officials broke stringent laws that his government made during the pandemic.

Keiran Pedley, a research director at pollster Ipsos, said the reaction was likely to be noticed by Johnson’s lawmakers. “Whilst not surprising given Johnson’s poll numbers this feels significant and should not be ignored,” he wrote on Twitter.

Johnson swept to power in 2019 on a promise to complete Britain’s exit from the European Union, winning over voters from across the political spectrum who were attracted to his irreverent and often chaotic style of governing.

But a cost of living crisis and revelations over his conduct during the pandemic have sent his personal popularity plummeting in opinion polls, and a growing number of lawmakers in his own party have called for Johnson to quit.

The hostile reaction on Friday, from a crowd hoping to see members of the royal family and celebrate a national occasion, may send alarm through Johnson’s party, amid speculation that he might face a leadership challenge soon.

It had echoes of an occasion in 2012 when then-finance minister George Osborne was roundly booed by thousands of spectators at the Paralympic Games in London, a clip that was replayed throughout his career.

The Service of Thanksgiving was being held on the second day of the four-day Platinum Jubilee national celebration.

(Reporting by Kate Holton; editing by Michael Holden, Christina Fincher and Hugh Lawson)

Cheers and some jeers as Prince Harry and Meghan return to UK

By Michael Holden

LONDON (Reuters) – Prince Harry and his wife Meghan were greeted with cheers and some jeers as they joined the royal family at a thanksgiving service on Friday for Queen Elizabeth, their first public appearance together in Britain since quitting royal duties

Harry, 37, and Meghan, 40, the Duke and Duchess of Sussex, joined other senior royals at the service at London’s St Paul’s Cathedral, the latest event in Platinum Jubilee celebrations marking the queen’s 70 years on the throne.

The couple moved to the United States two years ago to lead a more independent life, and live in a mansion in California with their two young children Archie and daughter Lilibet, who was named after Queen Elizabeth, her great-grandmother.

Harry and Meghan have become divisive figures in Britain, with some Britons and many media outlets pouring scorn on their move and their commercial activities, such as striking a deal with global streaming service Netflix, though others regard them as a breath of fresh air for the tradition-bound monarchy.

There were loud cheers and some boos as they arrived at the cathedral on Friday, while the eyes of the congregation were fixed on them as they walked to their seats.

BOMBSHELL INTERVEIW

The couple, who had said they were “excited and honoured” to attend the Platinum Jubilee events, made headlines with a bombshell Oprah Winfrey interview in March last year when Meghan, who is biracial, accused an unnamed royal of racism and Harry said his family had cut them off financially.

Their relationship with the other royals has been frosty since then, most notably with Harry’s elder brother Prince William. Harry’s criticisms of his family have continued since the Oprah interview and there was no obvious interaction between the brothers at Friday’s service.

Harry has been embroiled in a legal dispute with the British government, which will not allow him to pay for police protection when he is in Britain. Although he returned to Britain in April last year for the funeral of his grandfather Prince Philip, the queen’s husband, he did not attend a recent memorial service because of the security issue.

However, the couple met the queen at Windsor Castle in April on their first private trip to Britain since quitting royal duties. A palace source has said Harry, Meghan and his children remained “much loved members of the family”.

Media reports suggested the 96-year-old queen, who missed Friday’s service due to her ongoing mobility issues, had finally met Lilibet for the first time on Thursday, though a palace source described this as complete speculation.

Harry said he had stepped back from his royal duties because the “toxic” British press had been destroying his mental health, and he and Meghan, who have successfully sued one tabloid and refuse to engage with others, have become figures of ridicule and scorn for many newspapers.

A YouGov poll this week suggested the couple’s popularity with the public had hit a new low, with Harry having a net favourability score of -26 and Meghan -42.

Only Prince Andrew, who in February paid to settle a U.S. lawsuit in which he was accused of sexually abusing an underage girl, had a lower score among the royals.

But gathered outside St Paul’s, some royal fans said seeing the couple would be a highlight.

“It’s nice to see people of colour because it shows more diversity and I think that’s something that will help make the world a better place,” said Bella Bigord, 13.

(Reporting by Michael Holden and Lucy Marks; Editing by Gareth Jones)

Daily Gold News: Friday, June 3 – Gold Broke Above its Recent Highs on Weaker USD

Gold Price Recap

The gold futures contract gained 1.23% on Thursday, June 2, as it broke above its recent trading range. It went the highest since early May on U.S. dollar weakness, among other factors. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is trading along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is fluctuating within a relatively thin range. What about the other precious metals? Silver is 0.5% higher, platinum is 0.6% higher and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’ ADP Non-Farm Employment Change release has been lower than expected at only +128,000. Today we will get the important Nonfarm Payrolls release at 8:30 a.m. It is expected at +325,000.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today.

Friday, June 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • Tentative, U.S. – Treasury Currency Report
  • All Day, U.K. – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

Commodity Prices Surge As China Emerges From COVID Lockdown

Commodity Markets Fundamental Analysis

Commodity prices across the board from the metals, energies to agricultural markets started the week on an absolute tear as China – the world’s second-largest economy and biggest importer of Commodities – officially ended a two-month lockdown on June 1.

Since March, China’s lockdowns notably in Shanghai, have taken a toll on production, supply chains and spending – slightly easing momentum in the Commodities boom that has been on an unstoppable run since the world emerged from the pandemic in 2021.

But once again, in true bull market fashion, as China comes out of lockdown – it comes as no surprise that the Commodities Supercycle is back on track and firing on all cylinders!

Oil prices took the lead on Tuesday rallying back $120 a barrel, the highest level since March – on expectations that the Oil market may see an identical V-shape recovery in demand as seen in 2020 when China previously ended lockdown. That event triggered an historic bull run taking Oil prices from sub $40 a barrel in April 2020 to a decade high of almost $140 a barrel in April 2022. That’s a record-breaking gain of more than 450%, in the last two years.

Elsewhere in the Commodities complex, another star performer this week has been Copper.

Copper which is a key metal in infrastructure, electric vehicles and renewable energy surged on Wednesday after China launched a $120 billion credit line for mega Infrastructure and Green Energy projects to stimulate the economy.

The cliché move, straight out of an old policy playbook, echoes similarities with President Biden’s ambitious ‘Infrastructure spending frenzy and Green Energy Revolution’, almost exactly a year ago – which played a pivotal role in kick-starting the current Commodities Supercycle.

Ultimately, China’s mega Infrastructure and Green Energy push means one thing. China is going to need more Commodities and lots of them.

But as we know, for the first time in decades, the world is running out of Commodities at a record pace and facing an historic shortage off the back of a “triple deficit” – low inventories, low spare capacity and low investment.

China’s demand is only going exacerbate those issues and inevitably add further fuel to the Commodities Supercycle as global demand continues to outstrip supply and push up prices.

Commodity Price Report Video for June 3, 2022

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

Pitcairn Islands to light final Platinum Jubilee beacon

By Lucy Craymer

WELLINGTON (Reuters) – The entire population of the Pitcairn Islands – 35 permanent residents – will make the Pacific Ocean territory the last place in the Commonwealth to light a beacon as part of the Queen’s Platinum Jubilee celebration later Thursday.

The beacon, which came on the last supply ship to the islands six weeks ago, will be lit during a dinner everyone in Pitcairn will most likely attend and contribute to, said Colin Leeman, administrator of the British Overseas Territory.

“This is what the community does to celebrate the significant events – they see a close relationship with the British Crown,” Leeman told Reuters. To mark the occasion the island’s generator, which powers all of Pitcairn and normally turns off at 9:15 p.m., will run for an extra hour or so to allow for more festivities.

The British colony is mostly populated by descendants of crew from the ship the Bounty, who settled there with Tahitian wives after a legendary 18th century mutiny on the high seas. The rocky outcrop, 5,500 kilometres from New Zealand, hosted the late Prince Philip in 1971 when he sailed the royal yacht across the Pacific.

Leeman said that dessert at the celebration would be a Pitcairn take on the Platinum Jubilee Trifle.

Canned mandarins were substituted for fresh local citrus, the amaretto substituted for vanilla in the biscuits (which Leeman was responsible for baking and had burnt twice). Leeman said the island was a little short on cream and had no white chocolate.

Charlene Warren, the islands’ mayor, said she had written a short speech and expected some singing.

“She is our queen, and so it’s actually an honour to be able to celebrate her life,” Warren said.

The island also has plans to plant a tree as part of the Queen’s Green Canopy issue – a coconut, a palm or a breadfruit tree.

“It’s a live issue,” Leeman said.

(Reporting by Lucy Craymer. Editing by Gerry Doyle)

Beaming Queen Elizabeth waves to Jubilee crowds, will miss Friday service

By Michael Holden and Kate Holton

LONDON (Reuters) – A beaming Queen Elizabeth waved to cheering crowds massed outside Buckingham Palace on Thursday as Britain kicked off four days of pomp, parties and parades to celebrate her record-breaking 70 years on the British throne.

The 96-year-old monarch appeared on the balcony alongside her family, but the palace later said she had experienced a recurrence of mobility problems and some discomfort, and would no longer attend a Service of Thanksgiving on Friday.

The queen has reduced her public appearances in recent months due to “episodic mobility issues”, and the palace had warned that her attendance at events to mark the Platinum Jubilee would be decided nearer to the time.

“The Queen greatly enjoyed today’s Birthday Parade and Flypast but did experience some discomfort,” the palace said.

“Taking into account the journey and activity required to participate in tomorrow’s National Service of Thanksgiving at St Paul’s Cathedral, Her Majesty with great reluctance has concluded that she will not attend.”

The queen later appeared at her Windsor Castle home just outside London to light the Principal Platinum Jubilee Beacon, one of thousands being lit across Britain and the Commonwealth on Thursday evening.

The news of the queen’s absence from Friday’s service took the shine off the first day of the Platinum Jubilee celebrations, when tens of thousands of royal supporters lined the streets of London for a military parade.

Elizabeth, holding a walking stick and wearing a dusky dove blue outfit, was joined by her son and heir Prince Charles, 73, his eldest son Prince William and wife Kate, and other senior royals on the balcony of Buckingham Palace.

While the family waved to the crowds and enjoyed a Royal Air Force fly-past, Louis – William’s 4-year-old son – covered his ears and howled as the planes roared overhead. He later jumped up and down as Red Arrow jets released red, white and blue smoke trails.

Elizabeth has been on the throne for longer than any of her predecessors, and is the third-longest reigning monarch ever of a sovereign state. Opinion polls show she remains hugely popular and respected among British people.

World leaders including U.S. President Joe Biden, France’s Emmanuel Macron, Pope Francis and former British prime ministers were among those sending messages of goodwill.

“Thank you to everyone who has been involved in convening communities, families, neighbours and friends to mark my Platinum Jubilee, in the United Kingdom and across the Commonwealth,” the queen said in a statement as the festivities got under way.

“I continue to be inspired by the goodwill shown to me.”

The celebrations began with the Trooping the Colour, a military parade held annually to mark the queen’s official birthday, where 1,500 soldiers marched to military music in ceremonial uniforms of scarlet tunics and bearskin hats.

Later the crowds moved to the Mall, the grand boulevard running up to Buckingham Palace, where in bright sunshine they cheered and waved Union flags. Fifteen Typhoon jets flew overhead in formation, spelling out the number 70.

MILITARY PARADE

Thursday marks not only the start of the Jubilee, but also the 69th anniversary of the coronation of Elizabeth, who became queen on the death of her father George VI in February 1952.

Some royal family members were absent on Thursday, including the queen’s second son Prince Andrew, 62, who settled a U.S. lawsuit in February in which he was accused of sexually abusing a woman when she was underage. Andrew denied the accusation.

The palace announced later that Andrew had tested positive for COVID-19 and would miss Friday’s service.

The queen’s grandson Prince Harry, now living in Los Angeles with his American wife Meghan after stepping down from royal duties, watched the parade but was absent from the palace balcony, with only “working” members of the family present.

The first day of the four-day celebration was marked with artillery gun salutes in London, across the United Kingdom and from Royal Navy ships at sea.

“It was lovely, everything we hoped it would be. We were here for the 25th and then the 50th (jubilee). But this was the best one,” said nurse Ian Higgins, 62, in London.

“You feel very proud when everybody comes together like this,” said yoga teacher Amanda Mackenzie, 51. “It’s really special.”

The government announced two public holidays to mark the celebration, which is the first major public gathering since the pandemic and a welcome distraction for many at a time of growing economic hardship.

Among the tributes pouring in was a video message from former U.S. president Barack Obama.

“Your life has been a gift, not just for the United Kingdom, but for the world. And it is with gratitude for your leadership and the kindness that you’ve shown me and my family that I say, may the light of your crown continue to reign supreme,” he said.

Not everyone will be joining in the festivities. The anti-monarchy campaign group Republic put up the message “Make Elizabeth the last” on billboards across Britain.

A number of climate change protesters also caused a brief disturbance by running out in front of marching soldiers on the Mall boulevard before they were dragged away by police. Several were arrested.

(Reporting by Michael Holden, Kate Holton, Natalie Thomas, Lucy Marks and Paul Hardy; Editing by Frances Kerry, Hugh Lawson and Rosalba O’Brien)

Global stock markets rise, U.S. yields fall ahead of employment data

By Chibuike Oguh

NEW YORK (Reuters) -Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.

The ADP National Employment Report on Thursday showed that private payrolls rose by 128,000 jobs in May, which was much lower than the consensus estimate of 300,000 jobs and suggested that demand for labor was starting to slow.

If the private payrolls data is reaffirmed by the Labor Department’s more comprehensive jobs report on Friday, then the Fed would be unlikely to continue its pace of rate hikes, said Sandy Villere, portfolio manager at Villere & Co in New Orleans.

“Essentially, bad news is good news and good news is bad news. That means the economy is maybe cooling a little bit and the Fed can maybe calm down on their hikes because that is essentially controlling everything right now,” Villere said.

The MSCI world equity index, which tracks shares in 50 countries, was up 1.42%. The pan-European STOXX 600 index gained 0.57%.

U.S. Treasury yields pulled back from recent highs ahead of the closely watched employment report and what it could indicate about the possible trajectory of interest rates.

Two Fed officials, Vice Chair Lael Brainard and Cleveland Fed President Loretta Mester, reiterated on Thursday that the U.S. central bank would likely continue raising rates at a fast pace unless it sees a moderation in inflation.

Benchmark 10-year notes were trading down at 2.9149%, with two-year notes also down at 2.6438%.

On Wall Street, the S&P and the Dow rallied from earlier session losses and closed higher, with stocks in technology, consumer discretionary, communication services and financials sectors leading the rebound.

The Dow Jones Industrial Average rose 1.33% to 33,248.28, the S&P 500 gained 1.84% to 4,176.82 and the Nasdaq Composite added 2.69% to 12,316.90.

Oil prices settled higher after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.

Brent futures rose 1.69% to $118.26 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.97% to $117.53.

The U.S. dollar eased across the board, ceding some of the ground gained in recent sessions as firmer risk sentiment prompted investors to reach for higher-yielding currencies.

The dollar index fell 0.78%, with the euro up 0.94% to $1.0746.

Gold prices rose over 1%, supported by a dip in the dollar and the U.S. private payrolls data. Spot gold added 1.3% to $1,868.59 an ounce, while U.S. gold futures gained 1.38% to $1,868.70 an ounce.

(Reporting by Chibuike Oguh in New York; editing by Jonathan Oatis and Will Dunham)

Queen Elizabeth to miss Friday’s Jubilee event due to mobility issues

LONDON (Reuters) – Queen Elizabeth will no longer attend Friday’s Service of Thanksgiving for her seven decades as monarch after experiencing some discomfort when she appeared at a military parade on Thursday, Buckingham Palace said.

The queen had been due to attend the service at St Paul’s Cathedral on the second day of celebrations for her Platinum Jubilee.

Earlier on Thursday she appeared on the balcony of Buckingham Palace, waving to thousands of well wishers.

(Reporting by Kate Holton)