Written Commentary
GOLD / SILVER
The gold and silver markets start the new trading week out under pressure likely the result of a firmer US dollar. In retrospect, the gold and silver trade discounted a wave of global inflation news last week in a fashion that suggests the expectation of self-perpetuating inflation is not being embraced yet. Instead, the gold and silver trade focus is usually on a combination of the ebb and flow of physical demand views and the impact from the dollar.
PALLADIUM / PLATINUM
While last week’s massive washout leaves a heavy weight hanging over palladium, over palladium market overnight has aggressively rejected the market overnight has aggressively rejected a sharp range down move to $2050 and as of this writing was trading $87 above the overnight low. While the platinum market avoided tracking down with the palladium market last week, and prices this morning remain near the Friday spike low that suggests the fundamental and technical outlook has shifted decisively negative.
COPPER
While the copper market has fell back from a new high for the move early today, prices have respected the $4.40 level in the early going as if that could be a plateau of support. However, LME copper warehouse stocks are negative to prices with a 6,400-ton daily increase from Friday.
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