Metals Prices Move Higher

By Craig Bewick
MAY 03 2021

US Equity Indexes closed mix to begin May trading as the Nasdaq fell while the three other major indexes rallied and implied volatility in the options markets was near steady.  Commodity futures at CME Group saw a bit more price volatility than some of the financial products, but perhaps driven by a softness in the US Dollar versus other major currencies.  Some notable moves included:

  • Gold futures price was up nearly 1.5% and implied volatility rose from about 11.7% to 12.7%
  • Silver futures price was up nearly 4.5% and implied volatility rose from about 24.4% to about 30% (or over 5% in relative terms)
  • Copper rose another 1.3% to new recent highs while volatility ticked up slightly
  • WTI Crude Oil futures price was up by about 1.4%; volatility was near steady on the day
  • CME Grains futures prices were mixed.  Remember, there is a much anticipated WASDE report scheduled for release on May 12

Because of today’s outperformance of Silver versus Gold, we used QuikStrike data to graph the much-watched Gold:Silver price ratio in the top graph below.  As you can see, there doesn’t seem to be a dramatic story associated with today’s price move but rather a continuation of a slight trend of Silver price appreciation versus Gold.  In the middle QuikStrike graph, we show 3 months of price and implied volatility data in the Silver market to show the magnitude of today’s move relative to recent months.  Similarly, we saw a material uptick in the Calls relative to the Puts as you can see in the bottom graph. 


Craig Bewick has spent 25 years in futures and options markets, starting at CBOT and CME working in risk management, regulatory, technology, product management and client development. 

Connect with Craig at

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