Written Commentary
GOLD / SILVER
Apparently gold and silver are drafting a measure of buying interest this morning off the unsettled US political situation with threats of further violence/protests in the headlines and the potential for impeachment expected to prompt additional flight to quality buying. However, stock index futures are showing strength, the Dollar remains 120 points above the recent lows and interest rates continue to nudge higher and therefore there are factors in place to limit gains early today.
PLATINUM / PALLADIUM
While the platinum market failed aggressively yesterday in a fashion that suggests the bullish buzz from early January has run its course, the April contract has regained 50% of the January washout already and there should be some outside market spillover lift to start today. Like the platinum market, the palladium market has seen a consistent breakdown from the January highs, but the market now appears to have found support just above last Friday’s low of $2,341.
COPPER
After nearly a year of copper trading heavily/nearly exclusively on Chinese headlines, it was not surprising to see copper prices carve out the largest daily decline since October 1st yesterday in the face of renewed infections in China especially with the Chinese government beginning to restrict activity.
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