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Precious Metals Complex Higher


With gold and silver prices holding near the spike up highs from yesterday and the US dollar showing signs of fresh damage on its charts, the path of least resistance looks to remain up in the precious metals complex. In fact, the dollar index has failed to hold yesterday’s low and would not appear to have support for another 40 points.


While the gold and silver markets surged higher, the explosion in palladium prices was equally impressive and perhaps indicative of a direct run to the $2,500 level. While not as stellar as the palladium rally, the platinum market ranged upward yesterday and appears to have some follow-through momentum capacity.


After failing to range higher yesterday in the wake of a series of big picture positive developments, the December copper contract is playing catch-up today and would appear to be poised to return to the $3.20 level. While not a major issue, Shanghai copper stocks on the week did drop moderately (down 8336 tons) and LME copper warehouse stocks declined on the day and on the week.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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