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Bears Retain Control in Metals


The path of least resistance remains down in gold as the Dollar looks to continue to rise off international flows toward US Treasuries. In fact, given gold and silver’s inability to rally along with equities Friday afternoon (off whispers of a stimulus passage), it is clear the bull camp is not easily enticed back into the market. While there were reports from India over the weekend regarding increased demand for jewelry (due to cheaper pricing) investors continued to flee from gold and silver ETF’s at the end of last week.


Like the rest of the precious metal markets, the platinum market has a technical breakdown underway on its charts, with the approach of $1,100 unlikely to hold unless a reflation wave returns to commodities. However, the platinum market is the most likely precious metal market to bottom ahead, as its fundamentals and relatively cheap pricing should result in a bottom once the outside market negatives dissipate.


While the copper market did not post a fresh record spec and fund long positioning in last week’s positioning report, the net spec and fund long remains within proximity to all-time highs. On the other hand, from the last positioning report into the low last week, copper prices fell another $0.38 thereby moderating the net spec and fund overbought condition further.

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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