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Market Conditions Shift for Gold


Market conditions for gold and silver have shifted 180 from yesterday afternoon, with prices rebounding this morning in the wake of a slight decline/reversal in the dollar and strength in many physical commodities. In the wake of the Fed’s failure to “take action” seeing a stimulus package come to fruition would likely help gold and silver regain ground lost following the Fed meeting.


While the palladium market is showing some initial positive traction today a significant sentiment shift has taken place this week and that shift has been accompanied by a significant deterioration in the palladium charts. Platinum ETF holdings yesterday increased by 1894 ounces  and remain 11% above the total seen at the beginning of the year.


Seeing the December copper contract forge an upside breakout in the face of a large jump in weekly Shanghai copper warehouse stocks the morning highlights the markets focus on demand as opposed to supply. In other words, seeing China issue a 12th scrap copper import quota for the year has distracted the trade from what is becoming a pattern of builds in exchange supplies.

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