Written Commentary
GOLD / SILVER
While it appears that gold has lost upside momentum and has displayed erosive price action following a 2 1/2 month high on Monday, prices remain near 3-month highs this morning. Yesterday gold ETFs added 204,574 ounces to their holdings while silver ETFs saw an outflow of 457,979 ounces.
PLATINUM
The PGM markets yesterday appeared to be in classic technical corrective setback following significant volatility over the past 6 trading sessions. Yesterday platinum ETF holdings increased by a noted 9446 ounces while palladium ETF holdings increased by mere 755 ounces.
COPPER
With copper rejecting yesterday’s spike down move and venturing back toward record pricing this morning, the bulls retain a measure of control. While not a significant development, LME copper warehouse stocks have declined for 19 straight sessions and have reached the lowest level since March 21st. A supportive outside market influence is surging iron ore and coal prices in China.
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