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Higher Bias For Metals


While the gold and silver markets behaved like classic physical commodity markets yesterday in the wake of very disappointing US durable goods data and significant weakness in US equities they seem to have broken that link in the early Friday trade.


In addition to significant chart damage this week the platinum market saw a significant 8,365-ounce daily outflow from platinum ETF’s yesterday (reducing their year-to-date gain to only 1.3%). However, March palladium solidify credible consolidation support at $2,300 and speculative interest might be stoked somewhat by a Reuter’s poll yesterday predicting palladium prices this year to average $2,410.


This week’s declines in copper were fully justified with very disappointing US durable goods, a tightening of liquidity by the People’s Bank of China and a significant washout in global equity markets.

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