Written Commentary
PRECIOUS METALS
Gold & Silver:
Gold and silver enter the last day of the holiday shortened trading week with a negative bias and the potential for significant declines. Outside market action “trends” remain negative with the dollar showing modest recovery action, interest rate hike fears expanding daily and renewed concerns of stagflation. Certainly, gold has seen support from both central bank and investors this week at the market has grown somewhat immune to the steady drumbeat of central bank buying.
BASE METALS
Copper:
Yesterday’s aggressive copper was fundamentally and technically justified with speculative longs likely at new record levels and very credible demand fear surfacing in the headlines. However, the “trend” in copper remains up even if upcoming action exhibits more downside in significant volatility. Some of the washout was the result of hope that the US may not invoke tariffs on copper following reports that the White House had not decided on those tariffs yet.
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