Written Commentary
GOLD / SILVER
Apparently “hope” for US stimulus, the capacity to look beyond overwhelmed US emergency rooms, another new low in the dollar and a very bullish take away from the FOMC has ignited follow-through buying of gold and silver.
PLATINUM / PALLADIUM
As in many other physical commodities the platinum market is rising off what appears to be a very broad-based cyclical buying wave. The palladium market appears to have found thin support around the $2,300 level and is being pulled up begrudgingly by outside markets.
COPPER
We are surprised that copper has not forged a new high for the move in the early going today given the unrelenting rise in the number of Chinese industrial materials and the trade also beginning to focus on falling/tightening global copper warehouse supplies. It should be noted that iron ore and coal prices in China are rising so fast that the government is beginning to consider stepping in against the gains.
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