Written Commentary
GOLD / SILVER
Just as the early March rally felt like a “stealth rally”, the decline of from the midmonth high has also been very gradual and devoid of fanfare. In looking back gold and silver have not seen a definitive lift from positive risk on trading conditions, which to us indicates the focus remains on either interest rates or the direction of the dollar.
PLATINUM / PALLADIUM
While the PGM markets have not tracked tightly with the daily ebb and flow of gold and silver prices, they appeared to be dragged lower yesterday by weakness in other precious metal markets and in sync with a broad-based deflationary style trading environment.
COPPER
The copper market certainly damaged its charts yesterday as it took out 13 days of lows, and more importantly the May contract violated the psychological support price of $4.00. However, the copper market has regained the psychologically important pivot point of $4.00 this morning and is probably finding some lift from fresh strength throughout global equity markets overnight.
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