GOLD / SILVER
The bull camp in gold and silver should be very discouraged going into the last trading session of the week, as the markets failed to fully respond to what should have been a very positive day of trade on Thursday. Not surprisingly, gold and silver have reversed sharply this morning in response to a spike in US rates and the ensuing jump in the Dollar.
PLATINUM / PALLADIUM
While the platinum and palladium markets showed divergence in the magnitude of the dual gains posted yesterday, they have realigned this morning with noted downside action. However, platinum should see some support from an ETF inflow of 4,259 ounces yesterday which pushed the year-to-date net purchases up to 1%.
While copper prices have initially held up relatively well in the face of a reversal into risk off mentality, continued gains in global copper warehouse stocks, strength in the dollar, tempered global growth expectations clearly shift control to the bear camp. However, copper could garner some support from Chinese government indications they will press for pollution control, which in turn could impact production in a-number-of industrial metals.
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