Written Commentary
GOLD / SILVER
Apparently, the gold market has not been undermined following higher global equities and progress on treatment for the coronavirus as prices are tracking positive in the early going. At the end of last week, gold ETF’s added 19,376 ounces for 5th straight day of additions, bringing their year to date purchases up to 25.7 million ounces. Unfortunately for silver bulls, silver ETF’s reduced their holdings by 4.4 million ounces on Friday and the daily changes in silver ETF holdings are becoming choppy and two-sided in what some say is a breaking down of the bull vibe.
PLATINUM / PALLADIUM
The palladium market is once again trading within a tight coiling pattern, but the market did show a jump in trading volume last Thursday and Friday in a fashion that could suggest consolidation low support is credible. platinum ETF holdings have mounted 13 straight days of inflows and a significant continuation of that trend could eventually begin to provide investment demand excitement for the bull camp. Last week platinum ETF holdings increased by 27,189 Troy ounces and are presently 6.5% above year ago levels.
COPPER
With a significant reversal and failure at the end of last week the copper market would appear to be back in a corrective mode but risk-on sentiment from global equities, a 13 year low in LME stocks and spillover lift from sharp gains in other base metals (Nickel hit a 9 year high this morning) should help to cushion prices this morning.
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