Written Commentary
GOLD / SILVER
Apparently, the gold and silver markets are not cheered by a sweep of global equity market gains to start the new trading week. In fact, gold and silver are tracking despite a softer dollar and higher PGM pricing.
PLATINUM
While we concede to the bull track from last week’s rally action, seeing US infections over 110,000 creates the potential for headwinds against the PGM markets. Apparently, the trade is not overly optimistic toward near term prices, as a Reuters poll last week predicted the average price for palladium this year to be only $2,694 and current prices are basically trading around that level.
Set of copper pipes of different diameter lying in one heap
COPPER
Apparently, the developing supply threat in South America more than offsets a very disappointing Chinese manufacturing PMI reading for July as copper prices this morning are tracking higher. However, the bull camp should take solace from the potential strike at the world’s biggest copper mine in Chile (BHP Escondida Mine) and from talk that real progress might be seen on a $1 trillion US Infrastructure bill this week.
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