Written Commentary
GOLD / SILVER
In retrospect, the gold and silver market reaction to news that the Federal Reserve was unconcerned about the prospect of continued reflation was very anemic and therefore indicative of a residual bearish tilt toward gold and silver prices.
PLATINUM / PALLADIUM
We suspect that the platinum market will continue to exhibit significant two-sided volatility, with the prior 2 sessions resulting in a rather significant $100 trading range. However, platinum and palladium sold off sharply on Tuesday, pressured by a steep selloff in the stock market and that shows the PGM markets are sensitive to the growth/no growth question on the economy.
COPPER
Obviously, the copper market explosion over the prior 5 trading sessions has been the result of escalating global deficit projections with declining infections outside of China and China’s return from holiday providing an extremely bullish combination.
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