Written Commentary
GOLD / SILVER
On one hand, the gold and silver markets have not fully attached their fortunes tightly to the inflation bandwagon, but that did not prevent a measure of pressure yesterday in the face of a broad-based physical commodity market washout. However, looking back it should be noted that the US has now produced 5 disappointing nonfarm payroll readings out of the past 8 reports, and the FOMC meeting minutes were compiled in the wake of two disappointing monthly reports in a row!
PALLADIUM / PLATINUM
Like other precious metal markets, the palladium market surged sharply higher to start the US trading week only to see a definitive reversal yesterday from the highs. Not to be left out, the platinum market also surged higher Monday and then reversed course aggressively with the high to low setback notable at $48.
COPPER
The copper market appears to have survived the initial release of copper supply from the Chinese state reserves on Monday. On the other hand, the Chinese government has indicated it will sell more metals from reserves in-order-to keep prices at what it defines as reasonable levels.
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