Base metals prices rallied on global market optimism and reports of increased Chinese bond sales. The LMEX Index, despite being down 8% this quarter due to concerns about Chinese demand, saw gains across nickel, zinc, aluminum, and copper. China’s potential record 3 trillion yuan special treasury bond issuance for 2025 aims to stimulate its slowing economy. Meanwhile, positive US economic data has rekindled hopes for Federal Reserve easing, further supporting commodity prices.

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Gold/Silver Ratio Hits 61.1 — Silver’s Turn to Run
Silver is outpacing gold for the second straight day as the gold/silver ratio compresses to 61.1. With a six-year supply deficit, stagflation signals, and central bank buying accelerating, silver’s structural case is finally finding its moment.




