GOLD / SILVER
The gold market remains vulnerable to further liquidation after last Friday’s noted failed rally attempt and because of a 3-day low on the charts early today. Surprisingly, the gold market has not drafted support from news overnight that Indian gold imports reached 93.5 tons in September compared to a dramatic pandemic influenced 8.4 tons of imports last year!
PALLADIUM / PLATINUM
Unlike the gold market, the palladium market continues to range sharply higher and has reached the highest level since September 10th. While the palladium market did not post another record net spec and fund short in the recent positioning report, the market remained net spec and fund short a moderate amount given the relatively low trading volume in the market. However, platinum should be held back by news of a very substantial outflow of ETF holdings last Friday of 10,505 ounces which in turn put the year-to-date change at a contraction of 3%.
Surprisingly, the copper market managed to rally through disappointing US Jobs data last Friday and prices have continued higher this morning despite lower global equity market action. However, like the equity markets, the copper trade was presented with a disappointing headline nonfarm payroll reading but that news was partially countervailed by a reduction in the unemployment rate.
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.