GOLD / SILVER
At least to start today, the gold and silver markets are climbing against outside market forces that have recently pressured prices. In fact, gold and silver are higher this morning despite a higher high for the move in the dollar (the dollar failed to hold that rally) and higher US interest rates. Like the gold market, the silver charts favor the bear camp with strength in the dollar and falling interest in Silver ETFs increasing the weight hanging on the market.
PLATINUM / PALLADIUM
While the palladium market fell back from another all-time high on Friday, the market was able to respect Friday’s low of $2,931.50 this morning. Recent press coverage continues to highlight surging industrial demand from automakers and other electronic manufacturers and that keeps the bullish buzz alive. In a slight positive, palladium ETF holdings on Friday increased by 4,045 ounces while platinum ETF holdings jumped by a more substantial 16,288 ounces.
The copper market continues to show retrenchment with today’s early action extending lower highs and lower lows into a 3rd straight session. In addition to a short-term overbought condition and given psychological resistance at $4.50, the copper market this morning has been presented with a forecast from the International Copper study group pegging 2021 to post a surplus of 79,000 tons.
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