Written Commentary
GOLD / SILVER
With a fresh lower low for the move and the lowest price since August 11th, the charts in the gold market have been re-damaged. In addition to surging US treasury yields (the highest yields since July 2nd this morning) the gold and silver bulls are being confronted with a likely upside breakout in the dollar.
PALLADIUM / PLATINUM
In a recent price forecast, Citigroup projected palladium prices to average $2,460 this year which would likely mean lower prices during the 4th quarter. In the near term the platinum market looks to be restrained by the $1,000 level and the market should also be undermined because of a Citi forecast projecting platinum prices to average only $1,080 this year.
COPPER
Despite reports that some Peruvian copper shipments have been delayed by community roadblocks, copper prices are tracking lower to start today. However, copper prices did manage to claw out a 6-day high and moved closer to the middle of the last 2 1/2 month trading range yesterday despite negative sentiment flowing from choppy equity market action.
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