Written Commentary
GOLD / SILVER
While gold and silver saw favorable developments yesterday, the inability to hold yesterday’s rally and a return to consolidation lows this morning, leaves the charts negative, with the markets lacking fundamental bullish buzz. Clearly, gold and silver prices benefited yesterday from a walking back of rate hike/tapering fears attached to the central bank from recent Fed meetings/dialogue and from Congressional testimony.
PALLADIUM / PLATINUM
The charts in the palladium market are positive with a series of higher highs and higher lows in place from early in the week and there appears to be a developing pattern of inflows to palladium ETF instruments. Despite a story yesterday suggesting that EV will eventually undermine palladium and platinum prices, palladium prices ranged higher and posted a 4-day high.
COPPER
A huge range up move in copper yesterday was likely the result of a combination of factors. In our opinion, seeing China announce a smaller than feared release of strategic supply of 20,000 tonnes and announcing they would not release the supply until next month, was cause for short covering and fresh outright buying.
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