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Metals Slightly Higher Start


While we are still skeptical of the bull case in gold and silver, the action this morning suggests the bull camp retains a measure of control with the potential for prices to claw back toward last week’s highs of $1863 in February gold and $25.99 in March silver.


In retrospect, the platinum market damaged its charts yesterday with a temporary 3-day low and the lack of a definitive recovery/correlation with stronger gold and silver prices. Like the platinum market, the palladium market damaged its charts to start the trading week with a 5-day low and the appearance of a further decline back to a double low of $2,344.50 remains in place today.


With global equities higher overnight, general optimism in the US with the transition of power today (increased stimulus hopes), a decline in LME copper warehouse stocks and lower full year production figures from Antofagasta (-4.7%) the bull camp has a-number-of factors operating in its favor.

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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