GOLD / SILVER
Clearly the gold and silver trade continue to “look through” the unrelenting flare of infections in the US, as prices continue to fall sharply off lofty vaccine expectations. Furthermore, gold and silver prices have continued to fall sharply despite the assistance of a fresh downside breakout in the dollar.
While the January platinum contract did not make a fresh higher high for the move this morning it should be noted that investment into platinum ETF’s has started to show a pattern of inflows. After a 2-day low to high $100 rally last week, the palladium market deserves some corrective action in sympathy with weakness in gold and silver.
The copper market continues to be the “odd man out” in metals and most commodity markets, with prices surging higher despite weakness in equities, signs of renewed US/Chinese tensions and escalating Chinese/Australian tensions. However, the copper market continues to anticipate strong demand from China and the maintenance of generally tight global supply.
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