GOLD / SILVER
Divergence between gold and silver to start today casts a slightly bearish view toward the metals complex. In fact, the lack of a surge off the Biden rescue plan and given another notable outflow from gold ETF’s leaves the gold market facing headwinds to start today.
PLATINUM / PALLADIUM
We continue to think that the platinum market will be one of the most stellar performers in 2021 with signs of “new” demand, substitution demand and investment demand likely to result in a significant world platinum deficit. Technically, the palladium market remains within a long-term uptrend on its monthly charts and would appear to be benefiting minimally from expectations that global commodity demand will improve solidly in 2021.
For now, the dichotomy from Chinese copper import data looks to lock copper within its recent trading range. The dichotomy from China was seen with a new annual record 2020 copper import figure conflicting with a decline in December Chinese copper imports.
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