Written Commentary
GOLD / SILVER
With soaring limber prices catching daily international attention, extreme volatility overnight in crypto currencies, grain hitting prices hitting 8-year highs and the Fed still promising to hold rates down in the face of inflation, we have a-very-unique historical situation. In fact, upside breakout action in gold to start the new trading week be a sign the markets have thrown off what has been sloppy and anemic action.
PLATINUM / PALLADIUM
With a fresh upside breakout in June palladium to start the trading week, and gold joining the move, we suspect palladium prices will be traversing the $3,000 level soon. The platinum market should be seen as a cheaper alternative to palladium especially in the event there is a significant speculative inflow toward all precious metal markets in the week ahead.
COPPER
With both China and the US posting positive scheduled data last week, China confident enough on its control of the virus to hold the Shanghai auto show, it is not surprising to see copper demand hopes improve. As indicated already, surging lumber prices (for some unbelievable) and a given list of industrial material prices rising sharply in China, copper should also see physical hedge buying.
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