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Metal Markets Mixed


While gold and silver divergence continued in the early Friday trade, the gold market appears to be poised to launch above the $1900 level with a large portion of the trade expecting new all-time-record highs. With the US dollar making yet another lower low for the move this morning and reaching down to the lowest level since October 2018, the currency impact on gold and silver today should remain positive.


Despite the fact that palladium prices seem to have lost some momentum after climbing above the $2200 level earlier this week, prices remain pinned to the vicinity of this week’s highs and $2200 has probably become solid support from which prices can continue to claw higher. It should be noted that platinum ETF holdings yesterday increased by 49,272 ounces and that is a daily gain of 1.5%. Overnight platinum did see UBS raise its platinum price forecast with that increase $125 from a previous forecast and apparently predicated on further strong gains in gold prices.


With the Chinese ordered closure of a US consulate in China, weakness in global equities, early damage on the charts and an inconsequential decline in Shanghai weekly copper warehouse stocks, the bear camp starts with an edge. However, LME copper warehouse stocks continued to decline and the bull camp can suggest that the decline in Shanghai copper stocks did break a very bearish pattern from prior weeks.

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