Written Commentary
GOLD / SILVER
At least in the early going today, the gold market has continued to diverge negatively with the rest of the precious metal markets. A further sign that gold remains out-of-favor, is news that total gold ETF holdings saw an 8th straight day of outflows bringing the net year-to-date sales above 2 million ounces. Silver continues to maintain positive chart action, and more importantly has benefited from risk on inspired physical demand hopes this week.
PLATINUM / PALLADIUM
The platinum market is trading higher this morning despite news of increased platinum production by two South African producers The palladium market is also discounting negative news and while palladium ETF holdings have not shown recent signs of building, holdings remain 2.1% higher on the year but overall holdings are not nearly as material as in platinum.
COPPER
The breakneck rally in copper prices continues to astound the trade with prices from the February low to this morning’s highs clocking in at $0.84! The markets latest bullish catalyst came from promises of sustained low rates and support for the economy from the US Fed, but the bullish track is given added impetus this morning following a fresh downside breakout in the Dollar.
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