Written Commentary
GOLD / SILVER
While there would appear to be a change of fortune for gold and silver, likely from a not too hot and not too cold 10 year note auction yesterday, a downside breakout in the dollar and nearly a clean sweep of higher commodity market price action this morning, provides the bull camp with more bullish fodder for what has become a stealth rally.
PLATINUM / PALLADIUM
The upside extension in the platinum market this morning and the significant gains made since last week’s lows, clearly leaves it as the strongest market within the precious metal complex. Given the noted weakness in palladium so far this month and negative divergence with the rest of the precious metals complex on recent rallies, it is surprising to see the market posting a 3 day high this morning.
COPPER
Like many physical markets this morning copper is showing signs of bullish action with another definitive rejection of pricing below $4.00. While not a significant influence, iron ore prices in China posted gains improving psychology toward copper in China.
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