Written Commentary
GOLD / SILVER
Gold and silver remain in a very mild corrective track into the last trading session of the week, with gold overbought into the Wednesday high, the dollar remaining near this week’s highs and a slight increase in treasury yields yesterday. However, it appears as if investment interest is returning to gold and silver, with gold ETF holdings yesterday increasing for the 6th straight session, and silver ETF holdings expanding for the 8th straight session.
PALLADIUM/ PLATINUM
While September palladium has not taken out yesterday’s spike up recovery high, prices sit near that breakout point and could be lifted today by general risk on vibes from equities and a prediction by Russian metal miner Nornickel of a significant widening of the global palladium market deficit.
Set of copper pipes of different diameter lying in one heap
COPPER
The sharp rally in copper yesterday was clearly justified by a GOP offer to increase the size of the infrastructure spending bill. Furthermore, the copper market continues to be concerned about a disruption in supply from Chile due to labor disputes and both LME daily and weekly Shanghai copper stocks posted declines overnight.
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