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Metals Markets Higher


While the gold market could have seen some pressure this morning from Goldman Sachs suggestions that a decline in “fear-based demand for gold” in the face of recovery might hold back gold prices they also raised their 3, 6 and 12 month forecasts to $1800, $1900 and $2000 respectively. That major trading house also suggested that gold prices materially above $2000 might require inflation readings to rise above the Fed’s 2% targeting.


While the palladium market generally remain within its recent sideways coiling pattern, prices have drifted lower and made lower lows throughout the week in a fashion that leaves the edge with the bear camp. In fact, the palladium market failed to draft support from an industry report indicating both PGM markets would eventually post a supply and demand deficit this year.


In addition to a risk on vibe flowing from global equity markets overnight the copper market is given an added assist on the upside by news of a secret US/Chinese trade meeting in Hawaii. Evidence of progress in trade talks is seen from fresh Chinese indications that they will honor all phase 1 obligations.

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