Archive

The Merchant's Letter

Past issues — energy and metals, from inside the trade.

Issue 002 Week of 3 July 2026
The Fed blinked
Gold and silver came roaring back, oil sat still, and copper wouldn't fall — again.
Issue 001 Week ending 26 June 2026
One headline, three reactions
Oil crashed, gold dropped, copper held — the same Gulf ceasefire moved three commodities in three different directions. Why the divergence matters more than any single price.