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A Firm Dollar Has Metals Lower


With a fresh lower low for the move and the lowest price since August 11th, the charts in the gold market have been re-damaged. In addition to surging US treasury yields (the highest yields since July 2nd this morning) the gold and silver bulls are being confronted with a likely upside breakout in the dollar.


In a recent price forecast, Citigroup projected palladium prices to average $2,460 this year which would likely mean lower prices during the 4th quarter. In the near term the platinum market looks to be restrained by the $1,000 level and the market should also be undermined because of a Citi forecast projecting platinum prices to average only $1,080 this year.


Despite reports that some Peruvian copper shipments have been delayed by community roadblocks, copper prices are tracking lower to start today. However, copper prices did manage to claw out a 6-day high and moved closer to the middle of the last 2 1/2 month trading range yesterday despite negative sentiment flowing from choppy equity market action.

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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