Written Commentary
GOLD / SILVER
While the gains in the gold and silver markets are not significant this morning, the markets have extended the bullish chart patterns into another trading session. While we still expect the silver market to outperform the gold market, silver investment interest has not been as consistent as gold investment interest over the last seven trading sessions.
PLATINUM / PALLADIUM
With another higher high for the move, further weakness in the US dollar and strength in other precious metals markets platinum enters the last trading session of the week/year with upside momentum. It should also be noted that platinum ETF holdings increased yesterday by 1,070 ounces bringing total platinum ETF holdings to 3.8 million ounces with a net market value of $4.1 billion.
COPPER
Given that Chinese nonmanufacturing and manufacturing PMI readings for December were mostly disappointing overnight and given that Shanghai copper stocks jumped by 15.3% on a week over week basis the extension of lower highs and lower lows is justified today. Furthermore, US infection readings yesterday rebounded back to the 200,000 per day level and global equities are showing initial weakness.
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