Written Commentary
GOLD / SILVER
In retrospect, the gold and silver markets behaved like classic physical commodity markets yesterday in the wake of very disappointing US durable goods data and they also saw pressure off the significant washout action in US equities.
PLATINUM / PALLADIUM
In addition to significant chart damage this week the platinum market saw a significant 8,365-ounce daily outflow from platinum ETF’s yesterday (reducing their year-to-date gain to only 1.3%). March palladium has returned to credible consolidation support at $2,300 and speculative interest might be stoked somewhat by a Reuters poll yesterday predicting palladium prices this year to average $2,410.
COPPER
The copper market has damaged its charts again this morning and in the process, pierced a very critical consolidation/psychological price level of $3.50.
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