GOLD / SILVER
While the dollar has not forged a lower low for the move today, it remains near its lows of the week and should provide gold and silver with some minimal support to start the Thursday US trading session. Even with the gold market mostly focused on the demand side of the equation, prices should see support from news that South African gold production for November declined by 6.4% on a year over year basis.
Apparently the PGM markets are embracing market chatter expecting a recovery in global auto production or the prospect of tightening supply from investment interest, as prices have virtually exploded in platinum and palladium prices turned toward the upside yesterday.
Given the $0.28 rally off the early February lows, a very aggressive rally yesterday and the official beginning of the Chinese holiday, it should be difficult for copper to extend the rally straightaway.
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