GOLD / SILVER
From a chart perspective, the path of least resistance remains down in both gold and silver. From a fundamental perspective, we also see the path of least resistance pointing down in gold and silver into the last trading session of the week. While not a major negative gold and silver ETF’s continue to reduce holdings, with gold holdings falling for the 6th straight day and silver holdings falling for the 3rd straight day.
PLATINUM / PALLADIUM
With the platinum market making a fresh higher high for the move this morning prices have extended the rally and have left the bull camp control and the market in turn has regained the role of leadership in the precious metals complex. However, it should be noted that this week’s palladium gains were registered with an increase in trading volume and that should signal further gains ahead.
Despite soaring US infections, a US Treasury/Fed spat and a higher Dollar, the copper market has displayed its strong standing with a fresh contract high. Obviously, seeing both LME and Shanghai copper stocks decline, and higher global equity market action adds to the idea that the world economy will manage to make it through the current wave of US infections.
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