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General Bias up in Metals


Gains in gold and silver from earlier in the week have been extended early today in a fashion that begins to point to the development of uptrends. The rally in gold and silver does not appear to be the result of increased flight to quality interest as Chinese real estate conglomerate Evergrande managed to make a key interest payment, global equities are positive, and the Dollar has not rallied this week.


With the palladium market yesterday extending a pattern of significant daily volatility and failing to track with platinum, we expect ongoing divergence between the 2 markets. Obviously, the PGM markets yesterday were impacted by the broad-based risk off commodity environment which seemed to have its origin in stagflation fears. Unlike gold and silver, palladium, and platinum ETF holdings this week have posted consistent inflows.


While the copper market is trading higher early today, it remains near yesterday’s sharp range down lows. The market might be undermined because of news that power curbs in China have reduced production of finished copper products, which in turn means less demand for raw copper.

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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