Written Commentary
GOLD / SILVER
With another lower low in the dollar and the lowest trade since January 27th, gold and silver start the Wednesday US trade with a measure of support from the currency markets. However, gold and silver are showing early price divergence and gold and silver ETF’s yesterday both saw outflows.
PLATINUM / PALLADIUM
With another new high for the move in April platinum this morning the market looks poised to extend in what could be the beginning of a very significant rally. Unfortunately for the bull camp, the palladium market is showing signs of faltering instead of rising in sync with platinum.
COPPER
A very definitive upside breakout in copper today highlights a bull camp undeterred by a 9,983-ton weekly build in Shanghai copper warehouse stocks (early release due to the Chinese holiday tomorrow). However, London copper prices forged an 8 year high with the markets focus centered on tightening supply and undying hopes of a US stimulus package.
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