Lab Report | July 22 Daily Market Overview
CEO.CA Jul 22, 2026 12:16
Summary
Junior gold miners jumped 4.8% against gold's 2.1%, and the host reads that spread as pent-up demand after a punishing selloff.
The Fed's balance sheet has grown roughly $500 billion, which is why the host calls the new chairman a hawk in dove clothing.
Oil rose 3.2% on ceasefire headlines, which the host calls an oversold bounce while war damage to Iranian fields and shipping persists.
Silver stabilized near $60 after a speculative run to $120 sent hot money out, and the host expects the bullish trend to resume.
Copper's rise to $6.50 from $4.40 a year ago reflects demand from grids, vehicles, and AI outpacing a supply chain that cannot react.
Allan Barry Laboucan's takeaways
- Top takeaway The host argues gold equities are the strongest trade of the day, pointing to the VanEck Junior Gold Miners ETF up 4.8% against gold futures up 2.1% on 22 July 2026, and reads that spread as pent-up demand after equities were punished harder than bullion during the war-driven selloff.
- He calls the new Fed chairman a hawk in dove's clothing, noting the balance sheet has grown by roughly $500 billion since quantitative easing began despite hawkish talk, and expects the dove to show through with rate cuts not far off.
- He views oil rising 3.2% on a possible Middle East ceasefire as an oversold bounce, since damage to Iranian fields, refineries and shipping still constrains global supply.
- He sees copper as a long-term winner, up from about $4.40 a year earlier to roughly $6.50 on 22 July 2026, with supply unable to react to demand from power grids, electric vehicles, cloud computing, AI and robotics.
- He expects silver to resume its bullish trend after recovering toward $60 from a speculative run to $120 pulled back by retreating hot money.