Annoucements

Why Platinum Is Moving Platinum is a unique metal that sits at the intersection of precious and industrial markets. Unlike gold, which is primarily viewed as a monetary or store of value asset, platinum derives a larger share of its demand from industrial uses. Silver sits between the two, with meaningful industrial demand alongside its role as a monetary metal. These include catalytic converters, chemical processing, hydrogen related technologies, and jewelry. Because of this dual role, platinum tends to be more sensitive to shifts in global growth expectations than gold, while still reacting to macro forces such as inflation, real rates, and currency trends. From a correlation standpoint, platinum often trades in sympathy with gold and silver during periods of broad commodity strength, but the relationship is not constant. Gold typically leads during risk off environments, while platinum performs best when growth expectations improve and industrial demand increases. In recent months, platinum has begun to decouple from gold, showing relative strength as investors price in tighter physical supply and improving demand narratives. Silver has also participated in this move, but platinum’s advance has been more structurally driven rather than purely momentum based. Recent sentiment has shifted materially since December 2025. After spending years trapped in a large consolidation range, platinum finally attracted sustained institutional interest. Supply constraints from major producing regions, rising costs of extraction, and renewed interest in platinum as a substitute metal in industrial applications have all contributed to the move higher. The breakout since December 2025 reflects a repricing of long term value rather than a short term speculative spike, which helps explain the persistence of the trend despite periods of volatility. What the Market has done • The market has been on a bullish uptrend since markets broke out of a multi year consolidation and accumulation range that lasted from December 2021 to June 2025. • Markets formed two clear accumulation ranges during the advance, suggesting strong two way trade before higher prices were accepted. • At the start of December 2025, market compressed against daily level 1, forming bid block 1 as buyers continued to absorb supply. • Buyers initiated higher from this compression and pushed price to new ATHs in the spot market. • Sellers responded aggressively at the end of December 2025, resulting in a volatile two way whipsaw and expanded range. • Over the past two weeks, market volatility has contracted and the overall range has narrowed as the market works to establish a new value area at higher prices. What to expect in the coming week Key reference levels remain 2500, which marks the CVAH, and 2330, defined by the 5 Jan wVAH and the 12 Jan wVAL. These levels frame the current auction and provide clarity for upcoming scenarios. Neutral scenario • Continued two way balanced rotation between 2500 and 2330 would suggest acceptance of higher prices. • This behavior would indicate responsive participation from both buyers and sellers rather than initiative control. • Value may continue to build above prior ranges, reinforcing the broader bullish structure without requiring immediate continuation. Bearish scenario • If buyers are unable to defend the 2330 area, the auction is likely to rotate lower in search of demand. • A move toward 2136.9, which aligns with the 5 Jan wVPOC, would be the first downside repair target. • Continued acceptance below that level could expose the 2069 area, where the CLVN remains untested. Bullish scenario • If the market is able to break and accept above 2500, buyers may regain initiative control. • Acceptance above the CVAH would signal strength and continuation of price discovery. • This scenario increases the probability of a move toward new ATHs, particularly if value begins to migrate higher. Conclusion Platinum’s breakout is occurring against a backdrop of tightening supply, improving industrial demand expectations, and a broader commodity bid as inflation and growth dynamics remain in focus. While the structural shift higher is notable, history offers an important reminder. The last time platinum entered a parabolic phase in 2008, the move was followed by a 67% drawdown that erased four years of gains in just four months. As price continues to build value at higher levels, respecting both macro drivers and auction behavior will be critical in navigating the weeks ahead. If you found this analysis useful, feel free to give a boost, comment, or share your own levels and scenarios below. Disclaimer: This is not financial advice. Analysis is for educational purposes only; trade your own plan and manage risk. Acronyms: C - Composite w - Weekly VAH - Value Area High VAL - Value Area Low VPOC - Volume Point of Control LVN - Low Value Node HVN - High Value Node LVA - Low Value Area SP - Single print

The Long Bond and the Shifting Inflation Narrative The ZB thirty year Treasury futures contract represents the long end of the United States Treasury yield curve and is primarily driven by expectations around inflation, growth, fiscal policy, and long term interest rate risk. Because of its long duration, ZB is the most sensitive Treasury product to changes in inflation expectations and shifts in term premium. When markets become concerned about persistent inflation or increased Treasury issuance, ZB tends to underperform. When growth risks rise or inflation pressures ease, ZB often attracts defensive demand. Within the Treasury complex, ZB sits at the far end of the curve, while ZT two year, ZF five year, and ZN ten year futures reflect progressively shorter duration exposures. ZT is most reactive to Federal Reserve policy expectations, ZN tends to balance policy and growth considerations, and ZB expresses longer term confidence or concern about economic stability and inflation control. Over the past few months, sentiment in ZB has improved as inflation has moderated from prior highs and recession risks have remained present but not fully realized. The narrative since late spring has centered on easing tariff fears, slower but resilient growth, and a market that is gradually reassessing how restrictive policy needs to remain over the long run. This week, macro data will be a major driver. CPI on January 13th, followed by PPI and retail sales on January 14th, will shape near term direction. A miss in CPI or PPI, particularly on core measures, would likely support ZB as it reinforces the idea that long term inflation pressures are cooling, allowing yields to drift lower. A beat in inflation or strong retail sales would pressure ZB lower, as it would revive concerns that growth and pricing power remain too firm for comfort at the long end of the curve. What the Market has done • Since bottoming out at the 109'14 area in May 2025 after tariff fears were alleviated, bids have stepped up and the market has steadily reclaimed the April Trump liberation tariff selloff. • In September 2025, buyers were able to overcome sellers at 116’00, which was daily level 2 and a four month resistance level where sellers had previously defended. • Subsequently, buyers were able to defend this level until the end of November, when bids slipped and sellers were able to offer prices down through the September 5, 2025 low value area and single print at 115'20 to 114'20. • Since December, the market has been consolidating sideways within this zone, filling in and repairing the LVA as balance has developed. What to expect in the coming week The key level to watch is 115'25 to 116'00, which represents the previous week’s close, the current consolidation block high, and the over-under zone of daily level 2. Neutral scenario • Expect the market to continue consolidating in a tight range, potentially between 115'25 and 115'05, as participants wait for clarity from CPI on January 13th and PPI and retail sales on January 14th. • In this scenario, rotational and mean reverting behavior should dominate, with responsive buyers and sellers active at range extremes. Bearish scenario • If the market is unable to accept above 116'00, expect a rotation back down through the consolidation block toward 114'18, which aligns with the range low and weekly one standard deviation low. • This bearish scenario is likely to be very choppy and difficult to trade, as the market remains in balance within the broader 116 to 114'20 range. Bullish scenario • If the market is able to accept above 116'00, price could move up through offer block 1 toward 117'00, which represents the high of offer block 1 and the weekly one standard deviation high. • In our opinion, this is the cleaner trade opportunity, as the market would be imbalancing out of the current balanced and composite value area, opening the door for directional follow through. Conclusion ZB sits at a critical decision point, balancing between a well repaired value area below and a clearly defined acceptance zone above. With CPI scheduled for January 13th, followed by PPI and retail sales on January 14th, the market is likely to remain patient until these releases provide clarity on inflation persistence and demand strength. A softer inflation print or weaker consumption data would support acceptance higher and reinforce the bullish imbalance scenario, while firmer data could keep ZB capped and pressure price back through the current consolidation. In our opinion, traders should focus on how price responds at 116'00 and 115'25 following the releases, as acceptance or rejection at these levels will likely define the next directional opportunity. If you found this analysis useful, feel free to give a boost, comment, or share your own levels and scenarios below. Disclaimer: This is not financial advice. Analysis is for educational purposes only; trade your own plan and manage risk. Acronyms: w - Weekly VAH - Value Area High VAL - Value Area Low VPOC - Volume Point of Control LVN - Low Value Node HVN - High Value Node LVA - Low Value Area SP - Single print

Why Silver Is Moving: Economic Cycle, Correlation, and Sentiment Silver futures (SI), represent one of the most dynamic markets within the precious metals complex. Silver occupies a unique position because it functions as both a monetary metal and an industrial input. This dual role makes it sensitive not only to inflation expectations, real interest rates, and currency movements, but also to manufacturing demand, energy transition themes, and broader economic growth expectations. Silver is closely correlated with Gold futures, or GC, due to their shared role as hard assets and hedges against currency debasement. However, silver often exhibits higher beta behavior than gold, meaning it tends to lag initially and then accelerate more aggressively once capital rotates into the metals complex. From an economic cycle perspective, silver typically performs best during late cycle and early easing environments. These are periods when growth concerns rise, central banks signal accommodative policy, and investors seek both inflation protection and upside convexity. Sentiment toward silver has shifted meaningfully over the past several months. The recent bull uptrend has been driven by a combination of persistent inflation pressures, expectations for lower real rates, strong industrial demand tied to electrification, and increasing speculative participation. Over the past month specifically, silver prices have been influenced by renewed weakness in the US dollar, falling real yields, and a broader rotation into commodities. The general sentiment remains constructive, with market participants viewing pullbacks as opportunities rather than trend reversals. What the Market has done • The market consolidated between the 46.325 and 54.285 area from October through the end of November 2025, forming a well defined balanced region. • Buyers initiated out of this range causing an imbalance to the upside. • The market trended higher throughout most of December, displaying persistent initiative buying that resulted in new all time highs at 82.670. • Over the past two weeks, volatility has expanded, with more pronounced two way rotations. • This activity has led to the development of a distribution range bounded by 82.32 on the upside and 69.640 on the downside. What to expect in the coming week The key levels to watch are the current range high and range low at 82.32 and 69.64. These boundaries define the active distribution and will be critical in determining the next move of the market. Neutral scenario • Given the increase in volatility following the strong bullish December run, the market may continue to rotate in two directions as participants work to establish value. • Price could remain contained within the recent distribution range as both buyers and sellers test conviction at the edges. Bullish scenario • If bids are able to step up and hold the 73.96 area, which aligns with the developing weekly value area low, buyers may regain control. • A sustained buyer response from this level could lead to a rotation back toward the all time highs. • Acceptance above the 79.22 area, which aligns with the developing weekly value area high, would signal strength and open the door for a move toward 84, corresponding with the weekly one standard deviation high. • Continued acceptance and momentum could extend the move toward 88, which aligns with the weekly two standard deviation high. Bearish scenario • If sellers are able to step down offers and buyers are unable to hold the 75.75 area, which aligns with the developing weekly value area low, the market may rotate lower to 70.58, which aligns with the distribution range low and the December 29 weekly value area low. • Failure of buyers to defend 70.58, would expose further downside move to the 67.755 level, which aligns with the December 15 weekly value area high. • Continued acceptance below 67.755 would open the door to a move toward the 64 area, where bid block 2 high is located and responsive buyers may attempt to defend Conclusion Silver remains in a confirmed higher time frame uptrend, supported by strong initiative buying since the December breakout and sustained acceptance above prior value. The recent increase in volatility reflects a transition from directional expansion into distribution rather than structural weakness. As long as price continues to hold above the lower boundary of the current range at 69.64, the broader bullish structure remains intact, with upside potential defined by acceptance above 79.22 and a retest of the 82.32 to 82.67 all time high region. A failure to hold the lower range would mark a shift in market condition and open the door to deeper rotations toward lower weekly references. If you found this breakdown useful, feel free to give a boost, comment, or share your own levels and scenarios below. Disclaimer: This is not financial advice. Analysis is for educational purposes only; trade your own plan and manage risk. Acronyms: wVAH - Weekly Value Area High wVAL - Weekly Value Area Low wVPOC - Weekly Volume Point of Control wLVN - Weekly Low Value Node wHVN - Weekly High Value Node