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Sharply Higher Metals


The sharp gain in gold and silver prices this morning should be considered the primary bullish catalyst for today as press coverage of the move should continue to attract even more money. With another significant pulse up move overnight, silver prices have reached up to the highest level since April 2013, with the weekly charts now projecting the next target at $30.00


While the palladium market did manage a 3-day high yesterday and seemed to link up with the gold market action again, the magnitude of the gains suggests the investing public is not fully on board with the bull market case yet. Tthe platinum market is showing more bullish sensitivity to gold gains than palladium and certainly the platinum charts are more bullish than in palladium. Like palladium, the platinum market saw 9 straight days of platinum ETF inflows through Monday, before seeing a decline  yesterday.


A-number-of bearish fundamentals continue to surface in the copper market and a continuation of the pattern of slight lower highs from the charts is likely to be the best the bull camp can hope for. In addition to evidence of rising production from both Peru and Chile (from a combination of national and individual company production reports) the copper market should be undermined as-a-result of a softer than expected Chinese July services PMI reading.

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