Written Commentary
GOLD & SILVER
The precious metals eased a bit overnight as the dollar and stocks recovered a bit and most markets backed off from their moves yesterday. The Bank of Japan kept rates low, which pressured the yen and allowed the dollar to recover. News yesterday that the Swiss National Bank raised rates 0.5% surprised the market, and this may have pulled some support from the dollar, which had reached its highest level in a decade on the US Fed’s assertive tightening policy. It also pointed to how widespread the inflation trouble has gotten.
PLATINUM & PALLADIUM
Platinum was lower overnight after a healthy rally on Thursday. Both platinum and palladium also rallied on Thursday in the face of steep stock market declines, perhaps due to some safe-haven interest and perhaps because the markets had gotten oversold.
COPPER
Copper has had only seen one positive day in the past six, and it is finding mild pressure early in today. While there has been a positive shift in global risk sentiment this morning, but it may not be enough to prevent copper form avoid finishing the week on a downbeat note. A report that Shanghai will begin weekend mass COVID testing programs that will last through the end of next month has cast a shadow over Chinese demand prospects.
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