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Metals Slightly Higher Start

GOLD / SILVER

While we are still skeptical of the bull case in gold and silver, the action this morning suggests the bull camp retains a measure of control with the potential for prices to claw back toward last week’s highs of $1863 in February gold and $25.99 in March silver.

PLATINUM / PALLADIUM

In retrospect, the platinum market damaged its charts yesterday with a temporary 3-day low and the lack of a definitive recovery/correlation with stronger gold and silver prices. Like the platinum market, the palladium market damaged its charts to start the trading week with a 5-day low and the appearance of a further decline back to a double low of $2,344.50 remains in place today.

COPPER

With global equities higher overnight, general optimism in the US with the transition of power today (increased stimulus hopes), a decline in LME copper warehouse stocks and lower full year production figures from Antofagasta (-4.7%) the bull camp has a-number-of factors operating in its favor.

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