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Key Test For Gold & Silver


It would appear as if a better-than-expected sweep of preliminary euro zone factory and service PMI readings for March have sparked a risk on commodity market rally, which in turn has lifted gold and silver modestly. Unfortunately, investors continued to be cool toward gold and silver, with gold ETFs yesterday dropping for 27th straight day and silver seeing a liquidation of 2.5 million ounces.


While the palladium market at times showed signs of regathering the bullish tide from last week, the market basically spent the Tuesday trading session within the prior range and waffling around both sides of $2,600, which suggests that the bull case is moderating. While an overnight inflow of 7,649 ounces into Platinum ETFs yesterday shows an increase in investment interest in platinum, the market lacks bullish buzz and prices have declined in the face of very impressive gains in palladium.


Obviously, the copper market is drafting lift from the favorable sweep of European PMI data, but the market also appears to be catching lift from strength in most commodity markets. However, to see copper move above consolidation resistance probably requires a resurgence of positive economic readings from China unless today’s US durable goods report clearly displays noted resiliency of the US economy.

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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