Oil rips on shipping attacks; gold sold on hike odds; copper tariff trade wobbles
Split tape. Energy is a supply shock; bullion is a rates shock. Reuters: spot gold −1.2% to $4,349 by 9:24 ET as hike bets rose; Brent +4% through $105 after the largest declared wave of tanker attacks since the US–Iran war began. ECB hiked the deposit rate 25bp to 2.50% the same session.
- Gold: GLD Jan-27 360C is the parked metal sleeve. A one-day 5% gold shock is already most of the book’s 20% DD budget — do not add crude beta on top without cutting gold delta.
- Copper: LME three-month printed a record $14,779/t on 8 Sep, then the White House still had not decided on refined-copper tariffs (Reuters via The Deep Dive, 10 Sep). That is a policy unwind risk, not a chase.
- Uranium ~$90/lb (Trading Economics via NetNewsLedger). Off-mandate unless conviction is named.