GOLD / SILVER
Yesterday gold and silver ETF’s saw outflows with gold posting the 4th straight day of declines and the largest Gold ETF seeing its holdings fall to the lowest levels in 4 months.
PLATINUM / PALLADIUM
It would appear as if leadership in the PGM markets has shifted to the platinum market, with the trade recently presented with a series of dramatic deficit forecasts, which if fulfilled would mean the platinum market will see deficits in 7 over the last 10 years. Palladium prices appear to have lost direction with a 4-day consolidation pattern perched just above last week’s major spike low. In retrospect, the bull camp should be discouraged given that palladium prices have shown very little “bounce” from a 3-day high to low slide of $215.
The importance of China in the copper market has been magnified even further with copper futures at the Shanghai International energy exchange beginning trade. Clearly, the copper market is mostly undeterred by the escalation of virus problems in the US, as prices remain near this year’s highs and the bull case is getting additional assistance from very strong zinc and aluminum price action.
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