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Lower Chop in Metals

GOLD / SILVER

While expectations remain upbeat for a US stimulus package it would not appear as if effort on the assistance is a high priority in Washington and without signs that the US economy will be cushioned into the end of the pandemic, deflationary fears are likely to hold gold and silver prices down.

PLATINUM / PALLADIUM

While we do not think the platinum bull trend has come to an end, we do see some two-sided corrective action ahead unless global equities resume their upward march. The charts in the palladium market favor the bear camp with demand expectations neutral at best, spillover pressure from gold and silver likely early this week and resistance offered up today by the 21-day moving average at $2,388.

COPPER

Like a-number-of other physical commodity markets at the end of last week, the copper market fell back sharply in sync with a-number-of physical markets.

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