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Further Gains in Metals


While we remain skeptical of the bull case in gold and silver, distinct follow-through gains today give added credence to the argument that hope for fiscal and monetary stimulus remains in control for another session. In fact, given the magnitude of the overnight gains it is possible that the markets are quickly moving to factor in “action” from Congress.


While the platinum and palladium markets appear to be rising in sync with gold and silver prices, we are of the opinion that the gains in PGM prices are being accentuated by signs that industrial input prices are entering into the beginning of a broad rally.


While copper prices have regained some bullish traction this morning, the action in the copper market yesterday was disappointing to the bull camp. However, support on the charts was fortified from favorable Chinese factory data Tuesday, ongoing positive global equity market action, a downside breakout in the dollar and unending hope for a long-awaited US stimulus package before adjournment on Friday.

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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