Written Commentary
GOLD / SILVER
We continue to be a skeptical bull toward gold and more definitively skeptical toward silver. However, gold prices have shown resiliency over the past 3 and half weeks and have forged gains off a definitive rise in open interest and generally strong trading volume.
PALLADIUM / PLATINUM
The bull camp in palladium and platinum was deflated by the lack of PGM price reaction to yesterday’s hot US CPI report. In other words, it appears that the palladium market is primarily a physical commodity instrument and thus far it is not interested in inflationary signals.
COPPER
Entering the 3rd trading session of the week, the copper charts favor the bear camp with a pattern of lower highs and lower lows this week combined with weakness in iron ore and nickel prices this morning potentially pushing copper into a new low for the week. In retrospect, the bull camp in copper should be thoroughly disappointed in the copper market’s inability to rally yesterday following stronger than expected Chinese export data for June.
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