In this Daily Editorial, we welcome Craig Hemke, founder and editor of the TF Metals Report, to dissect a highly volatile session across the commodities landscape. Amid shifting headlines out of the Middle East and a see-saw reaction in traditional stock indices, Craig breaks down why hard assets are reacting inversely to standard war-narrative headlines and what it means for macro-investors moving forward. Key Discussion Points Geopolitical Headlines vs. Market Reality: Why the reopening of tensions in Iran initially triggered a pullback in precious metals, and why theater often drives early-morning price action over baseline fundamentals. The Copper and Silver Correlation: An analysis of Copper’s push toward new all-time highs and how this powerful industrial demand component is acting as a safety net to keep Silver well above its key technical baselines. Fiat Currency Dilution &amp; Global M2 Money Supply: How a 17% explosion in global M2 money supply over the last two years forces a structural re-pricing of hard assets across the board. Historic Lows in Commitment of Traders (COT) Open Interest: A look into why futures market open interest is sitting at 20-year lows during a commodities boom, and what happens when institutional money inevitably rushes back in. Navigating Liquid Air Pockets and Volatility: Why thin market liquidity is causing staggering single-day moves in Silver and Gold, and how investors can brace for near-term technical decisions around the 50-day and 200-day moving averages. Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/ For more market commentary &amp; interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Craig Hemke - Gold CoT Report Update, Copper Strength, & War Headlines

The KE Report

# Full Transcript

**Podcast:** The KE Report

## Transcript

Hey everyone, welcome to the KE Report in a daily editorial on Monday, June 1st. We are kicking off June with some more interesting market moves, especially when it comes to the metals. That's what we're going to be talking about as we are chatting with Craig Hemke. Craig is the founder and editor of TF Metals Report. So Craig, we opened up today with news that this Iranian war is very much still ongoing.

Apparently, Iran is breaking off talks and blockading the strait again, really flying in the face of what we heard all last week of the war was pretty close to ending and we just need a couple signatures. That apparently is not happening. So today started off with crude higher. The broad markets in the U.S. relatively flat. The Dow was down when it opened, but the S&P, NASDAQ all opened right around neutral and have since moved higher.

Precious metals, that's what we'll focus on. Gold started off down about $100 right back to that $4,500 level. Silver was down, I think a buck, maybe a buck fifty, but that is now climbing back. Gold's also climbing back. But still, it seems like precious metals on negative war news, the continuation of war, seem to be getting hit the most, but they're also coming back like a whole lot of the other markets.

So what do we take away from a day like today, Craig, after last week was fairly positive for the metals? Right. It's just enough to prematurely age you and I don't need extra aging devices, that's for sure. Yeah, last week, right? We were doing okay. The headlines seemed a little more positive. The dollar went down. Rates went down. We had a nice rally across the yield curve. I mean, two to tens.

I mean, it fell about 10, 12 basis points. Crude oil was down. And all of that allowed at least the metals to go sideways, and we had a great week in the shares. And then, of course, we get to this week, and the news is bad. And so now, all of a sudden, crude is up, and rates are up, and the dollar's up, and everything just reverses. I, you know, I don't know what to make of the headlines. What am I, you know, crystal ball, trying to figure out what the Iranians are going to do next.

Today, kind of, at least at my first glance, I thought they were trying to play the same headline-grabbing stuff that Trump likes to play. You know, Trump will come out and say, you know, the Axios guy, Trump via the Axios guy will say, Oh, everything, we're making great progress, or Trump will tweet that himself. Sometimes on Monday morning, right before the stock market opens, right? And so then what happened today?

Iran announces they're calling off all negotiations right before the stock market opened. I don't know. It's all theater, I guess. I don't think either side wants to escalate again. So maybe it'll calm down the pictorial change as we get later into the week here. If anything, it creates interesting markets to watch.

It was two weeks ago that the GDX, the bi...

Craig Hemke - Gold CoT Report Update, Copper Strength, & War Headlines

Transcript

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Craig Hemke - Gold CoT Report Update, Copper Strength, & War Headlines

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.