Metal Monday #5 with Nick and Brett, February 1, 2021

We are already into the second month of 2021 and it sounds like our ferrous markets will be going down. However the base metals (copper, aluminum & stainless) are holding strong and our precious metals are starting to take off (platinum, palladium, rhodium, gold and especially silver) Take a listen and make sure to subscribe so you never miss an episode.

Transcription

well you guys know it another monday medal monday first february of uh 2021 we made it through the first month of 2021 yeah good pricing we had good pricing pretty much across the board ferris-wise non-ferrous wise so um february is not shaping up to be as good on the ferris side but you know that’s welcome to commodities business welcome to scrap business we’ve been through it you know 100 times a thousand times for you probably you know and what goes up must come down and it kind of works it works the other way as well yeah yeah we’ve been on both sides of it i mean when the market jumps like it has been you know last four months in a row especially the last two months you can always expect them to try it you know when i say them the exporters the domestic steel mills are trying to take some gas out of it you know rightfully so i if i was in their position i would be trying to do the same i don’t necessarily agree that this is the right time to do it now that you’ve

kind of kind of got the flows going but that’s their business and that’s not ours so so next week you think you’ll you’ll get all the contracts hammered out even though i think this week i think people are going to try and lock lock it down this week as far as you know i mean i think when the markets descending going down i think people try and lock their tons up early as far as on the sell side um at least that’s the general trend when the market’s moving up people are slow to lock in the tons because they want to just see where it’s going to go before they commit to you know a bunch of tons and i think people will generally speaking will try and hurry up and get tons booked for this month so they know where they’re going to be at in anticipation that maybe that the slide gets worse i don’t know i mean i think it just depends on where you’re selling to the relationships you have last week we saw a lot of crazy action with reddit we saw a lot of crazy action with gamestop

i think everyone kind of heard about that what i don’t even understand it really either you know it seems like i got a lot of hacker type dudes got on there and just blew up the market yeah does that do you see any effects in the markets because of that and armor you know what i mean there’s been a lot of attention paid to silver you know the last few days um silver was one of the best performing com commodities in 2020 um it was it was performed better than any other commodity as a matter of fact you know the the interest in silver is is gain is is bringing more attention to commodities which if you notice like all your precious metals this morning silver was up at one point i mean it touched 30 bucks and climbed over um so just the volatility of what that’s going to bring to the to the attention on commodities i think will be interesting when you’re watching platinum up 50 bucks palladium was up 20 rhodium was up another 500. um you know gold got a little bit of love silver is obviously the the

market’s pace setter this morning but i was having a conversation this morning my way into work with the guy that one of my buddies that i do a bunch of business with and and i just was telling him i’m like hey you know the silver market is what it is i’m pretty heavily invested in silver but i’m more interested to see what does it bring to the other commodities attention-wise and i think that’s the that’s what i like about this deal is it’s i think it’s going to put commodities on the forefront of people’s minds again at least for temporarily we’ll see how long it lasts but until the next big short opportunity comes along but i think it sets up well okay well cool anything else to have brett that’s it man just have a great week and get out there and keep making it happen all right thank you everybody take care you