Another auction and the price is up $1.25 per pound to 34 dollars. This marks the rise from early May as being up 21 percent in what appears to be a very solid trend.

By the way, these auctions are not regularly scheduled events. They happen as supplies and demand dictate. In the current trend, these auctions seem to be coming at closer intervals. I think the last two were just one week apart.

Meanwhile, base metal prices continue to suffer.

For those who cheer higher moves on the Dow and S&P, watch out! Volumes have been going down for months even as prices are rising. This is a BIG red flag.

VP