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Less Negative Volatility


While last week gold and silver showed promise with a 3-day series of gains, the focus of the precious metals markets continues to shift daily thereby adding chop to daily price action. However, the action in the dollar has had the most consistent impact on gold and silver, with the markets showing very little in the way of reflation gains even in the face of massive “risk on” economic euphoria sessions.


In retrospect, palladium and platinum markets appear to have settled back into a spread trading pattern as prices have displayed a lot of divergence. In our opinion, both PGM markets retain the potential for large price gains in the event the trade begins to embrace the idea that more portions of the world will begin to reopen with industrial and jewelry demand likely to improve. Last week palladium ETF holdings increased by 3181 ounces but declined Friday by 685 ounces to remain 1% higher on the year.


With a fresh upside breakout for the move this morning the copper market has started the week out on a positive footing, with buying early today the result of favorable Chinese data. In the first 2 months of 2021 China saw an increase in unwrought copper imports of 4.6%, while imports of copper ore and concentrates rose marginally.

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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