JPMorgan Closes Precious Metals Sell Recommendation, Goes “Tactically Overweight” Commodities

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One of the most underreported sentiment shifts of the past week was JPM’s announcement late on Friday, that the firm quietly went long commodities – specifically base metals and copper (in addition to energy) – and the firm also closed it “sell” (i.e., underweight) in precious metals. This is not surprising: we had noted the

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