GOLD / SILVER
Gold prices are finding some traction this morning in the wake of a risk off global trade in equities, official recession labeling for the US economy and because of the markets capacity to reject sub-$1,700 pricing for a second day in a row. In a slight psychological negative for gold this morning, ETF’s sold gold for the 3rd straight day yesterday bringing this year’s net purchases down to 17.4 million ounces.
PLATINUM / PALLADIUM
While the palladium market forged very impressive action to start the new trading week prices are off this morning in the wake of waning global economic sentiment. However palladium should be in a position to make some gains off improved hope for a recovery in auto catalyst demand following very positive jobs data from both the US and Canada over the last week.
COPPER
Despite a partial risk off condition in global equity markets this morning, news that Chile’s largest copper producer saw its April production rise sharply (despite the virus shutdowns) and a series of discouraging global export/import readings for May, the copper market has forged another higher high for the move.
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