Plain-language market explainers
Metals, commodities and market investing, explained
PGM Blog is a plainspoken explainer for self-directed investors: what actually moves bullion, ore and the rates behind them, written to be read once and understood.
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The most recent pieces on this site, newest first.
What Is a Gold Futures Contract? A Simple Guide (2026)
What is a gold futures contract? Learn how contract size, margin, leverage and daily settlement work in , plus the risks to…
What Open Interest Tells Commodity Traders: A Guide for 2026
What open interest tells commodity traders in : how contract totals, changes, price and volume reveal positioning, and why rolls distort the…
What Is a Commodity Index and How It Works? (2026)
What is a commodity index and how it works? See how weighting, futures rolls and index construction drive returns, and the risks…
How to Read the COT Report for Gold: 8 Steps (October 2026)
Learn how to read the COT report for gold in : find the official CFTC file, pick the right contract and format,…
How Futures Roll Yield Affects ETF Returns 2026: A Guide
Learn how futures roll yield affects ETF returns: why contango and backwardation move fund performance, plus a checklist for reading any futures-based…
What Is the Copper to Gold Ratio Signal? A 2026 Guide
What is the copper to gold ratio signal? Our guide covers calculating it, reading high and low levels, and confirming moves with…
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Reading the metals market
Where metals writing usually loses the reader
No price targets
Nobody knows where spot lands next quarter, so you will not find a forecast here dressed up as analysis.
The spread is part of the price
Premiums, storage and the gap between buying and selling decide what an ounce really costs you, so they belong in the explanation and not in a footnote.
Rates before narratives
Metals and commodities move with real yields, currencies and central bank policy, so the mechanism comes first and the story second.
About
Who this is written for
PGM Blog is written for self-directed investors who would rather understand a market than be hurried through it, in plain language and without the urgency.
It starts with precious metals and commodities, and widens into the rates, currencies and mining equities that move them. More about PGM Blog
Spotted something that reads wrong? Get in touch — corrections are welcome.