Written Commentary
GOLD / SILVER
While not significant news, gold ETF’s saw an inflow yesterday of 2,523 ounces yesterday and that supportive news is joined by evidence that Chinese gold imports are recovering, with Hong Kong March net gold exports to mainland China coming in at 4 times the level seen in February (16.5 tons versus 4.1 tons). While gold and silver might draft some support from expectations of stronger Chinese PMI readings for April ahead the US gold market is held back by a lower Shanghai-gold-futures close, and by a stronger dollar.
PLATINUM / PALLADIUM
With another new record high in the early going today and the palladium market spending almost the entire overnight trade in positive territory, the path of least resistance remains up. While palladium ETF holdings only added 463 ounces yesterday, they remain 2.4% higher on the year and platinum ETF holdings added 5,632 ounces and are 1.2% higher on the year.
COPPER
Not surprisingly, the copper contract has forged a fresh contract high this morning with large portion of those gains coming from fresh fears of supply problems in Chile, signs of forward momentum in the Chinese economy (Chinese air travel back at pre-pandemic levels and expectations of positive Chinese PMI readings later this week.
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