Written Commentary
GOLD / SILVER
With the dollar ranging higher this morning and risk off vibe’s flowing from equities, the precious metals markets look to remain under pressure. Not surprisingly, the gold market has forged a fresh lower low for the move early on and in the process has reached down to the lowest level since the November 30th spike low. It should be noted that silver ETF’s yesterday added 904,188 ounces to their holdings and net purchases on the year are 85.5 million ounces for a net gain of 9.6% since the end of last year.
PLATINUM / PALLADIUM
While the platinum market initially exploded for a major range up move yesterday, the market has rejected that high and has also fallen back by $120 in the early low today. In the near term, we suspect the palladium market will be periodically “pulled up” but also “pulled down” by the action in the platinum market.
COPPER
While there was a wave of euphoria present to start the holiday-shortened trade in the US yesterday and equities are showing signs of further gains ahead, copper appears to be in a modest profit taking track to start today.
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