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Higher Metals Outlook


While August gold has not made a contract high this morning a higher high early and a significant upward pulse in silver suggests the complex is in-the-midst of another range up extension.Gold ETF’s increased their holdings for 17th straight day yesterday with the addition of 317,860 ounces of gold yesterday. Silver ETF’s also added 3.84 million ounces to their holdings bringing their net purchases to date up to 225.4 million ounces.


The platinum and palladium markets have begun to show very positive sensitivity in sync with gains in gold and silver prices. The palladium market has a much stronger chart set up than platinum with the market seemingly on a direct track to return to the mid-May highs above $2,144.


The copper trade should be impressed with the markets ability to hold near yesterday’s high throughout the overnight trade, as the market still appears to be facing Chinese demand suspicions. However big picture macroeconomic influences are supporting equities and physical commodities today with an agreement on an EU recovery package, fresh coronavirus vaccine hopes and optimism on the progression toward a US stimulus package.

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