Written Commentary
GOLD / SILVER
While gold and silver made new highs for the move (new record high for gold) overnight both markets fell back from those spike highs enough to dent enthusiasm in the bull camp to start today. Nonetheless investment into gold continues with ETF’s garnering inflows for the 30th straight day (longest streak since early 2019), with silver seeing a return of investment with a large 6.59 million ounce inflow.
PLATINUM / PALLADIUM
With a slight two-sided chop in gold and silver early today, softer global equity market action and a higher US dollar it is not surprising to see palladium under pressure and seemingly pointed in a downward direction. Like palladium, the platinum market has not shown notable benefits of signs of strengthening in the global economy from German and Chinese trade data overnight.
COPPER
Apparently, the copper trade is unimpressed with favorable Chinese import and export data and is also unimpressed with strong German export data as prices are under pressure to start the Friday US trade. Even more surprising is the fact that copper is under pressure despite news that Chinese July copper imports posted a 2nd straight month of record levels.
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