Written Commentary
GOLD / SILVER
While the action in the dollar has not been a primary influence in the direction of daily gold and silver prices recently, an upside breakout in the dollar overnight to the highest level since December 20th contributes to what appears to be a profit-taking setback.
PLATINUM / PALLADIUM
With platinum rallying sharply with silver yesterday it is not surprising to see platinum under pressure this morning because of the reversal in silver prices. Palladium should see some support from news last week that a key Russian miner “Nornickel” reduced its 2020 palladium output forecast by 3% and that combined the market’s capacity to trade positive in the face of weakness in other precious metals prices.
COPPER
A-number-of banks & brokerage research analysts have turned bearish toward copper in the near term, with expectations for softer demand given added credence by the looming extended Chinese New Year holiday.
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