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Metals Higher on Renewed Optimism


Gold and silver gained overnight on dollar weakness after reports that House Speaker Pelosi and Treasury Secretary Mnuchin were talking about a comprehensive coronavirus relief package, apparently with the blessing of President Trump. This pushed gold through a trend line overnight but not dramatically so, and clearly the situation remains volatile after all the back and forth this week.


The fact that both platinum and palladium were higher overnight suggests that their gains stemmed from optimism about a possible coronavirus relief package as opposed to supply/demand fundamentals specific to either market.


Copper has maintained its momentum after Wednesday’s upside breakout, but it faces an event-filled session today. The December contract stayed inside a fairly tight range yesterday with Chinese markets still being out on holiday, finishing the session with a modest gain. Overnight it posted moderate gains and reached a new 2 1/2 week high.

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