Written Commentary
GOLD / SILVER
While bullish fundamental forces continued to stack up with the flurry of bullish Fed statements/actions from earlier in the week and that provides a solid foundation for August gold prices economic uncertainty doesn’t appear to be definitive enough this morning to propel gold sharply higher.
PLATINUM / PALLADIUM
With the PGM markets coming under pressure following a series of safe haven developments this week, it is clear that investors are not seeing the platinum and palladium markets as flight to quality tools. In fact, both palladium and platinum appear to be under pressure because of resurgent demand fears and that pressure is given added credence by fresh damage on the charts yesterday.
COPPER
With the copper market forging a noted correction yesterday some of the bullish resolve was tempered especially with infection rate gains in certain US states rekindling demand fears. Overnight LME copper warehouse stocks broke a very long chain of daily declines with a build of 2950 tons but that minimally
bearish news was more than offset by another weekly decline in Shanghai copper warehouse stocks of 11,782 tons.
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