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Gold Down


The path of least resistance in the gold market is pointing down to start today following lower price action in Hong Kong and signs of ongoing weakness in Australian gold stock prices. However, there is favorable physical demand news overnight suggesting some retail bullion/jewelry shops in Southeast Asia are being caught without product in the face of a return of buyers who are seemingly content to chase gold despite its sharp price gains. The silver charts look more negative than the gold charts into the 2nd trading session of the week with silver yesterday clearly not benefiting from macroeconomic optimism and strength in energy prices.


Despite a developing pattern of daily platinum ETF inflows, the PGM markets continue to exhibit action typical of physical commodities facing uncertain/uneven demand expectations. Even the supply-side of the equation remains confusing, but slightly bearish as most virus impacted mining operations are spooling up without significant problems. Comparatively speaking, the inflow to palladium ETF’s of 2,578 ounces last week is among the smallest inflow seen in all the precious metals markets.


The action in the copper market today should be discouraging to the bull camp as headlines over the last 24 hours suggest US/Chinese relations have improved with potential progress made on various trade issues. The lack of favorable reaction to the trade news and to further gains in US equities suggests the bear camp in copper has the prevailing edge to start today.

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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