GOLD / SILVER
In retrospect, the metals markets were put under pressure from the beginning of this week by a recovery in the dollar and by surging interest rates. While the dollar has fallen back from its high from yesterday and treasury yields have softened a but, it would not appear as if those negative outside forces have completely dissipated.
PLATINUM / PALLADIUM
With a 2-day trading range in April platinum of $127 and the last net spec and fund long at a lofty 43,151 contracts, the platinum market was due some corrective volatility. As indicated earlier in the week, we think palladium will continue to be dragged around by platinum prices but as in the gold and silver trade, the palladium market currently has more bullish charts than the primary PGM complex bull market of platinum.
Clearly, the copper market is not held back by the doubts of reflation, unending virus inspired economic headwinds and a severe overbought technical condition as prices this morning have exploded on the upside.
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