GOLD / SILVER
At least in the early action today, the bull camp has firm control over gold and silver from a-number-of different forces. First-of-all news of 150 billion Pound boost in the Bank of England bond buying facility suggests some Central Banks are now acting to cushion their economies against the infection wave that is inspiring a return to restricted activity.
Clearly the palladium market has managed to traverse the election with an impressive trend of higher highs and higher lows. Certainly, the palladium market is cheered by the passing of a major headwind to global growth from the US election and therefore the passing of a threat against global commodity demand. The platinum market diverged with the palladium market yesterday in the wake of the slight moderation in US economic anxiety but consistent gains in equities ahead should improve platinum demand views further and help lift prices.
While some US scheduled data yesterday was disappointing, scheduled data from China, Europe and the US has been positive over the last week and therefore the bull camp in copper should feel confident in the markets ability to avoid sharp setback toward the $3.00 level.
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