Written Commentary
GOLD / SILVER
With gold and silver both making higher highs for the move early today, the dollar hanging out at the lowest level since April 2018, generally positive overnight international scheduled data flows and surging base industrial commodity prices in China the bull camp has the fundamental edge to start the trading session.
PLATINUM / PALLADIUM
The platinum market has extended sharply on the upside and is giving off definitive signals of a historic run up in the near term. In addition to what appears to be a significant speculative long platinum short palladium spread trade, the platinum market has seen a noted pattern of significant inflows to platinum ETF holdings.
COPPER
Once again the March copper contract has forged another new contract high. Certainly, copper prices are expensive on a daily chart basis and they are also getting expensive on a weekly basis, but given widespread ideas that global copper supply contracted this year and expectations of “expanding” Chinese demand, record activity at the Port of Los Angeles, a lower Dollar and exploding Iron Ore prices in China, the bull camp continues to hold significant fundamental ammunition.
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