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Metals Higher Except Copper


In retrospect, the gold market has remained within striking distance of $2,000 despite a pattern of declining volume and open interest, reduced economic uncertainty from favorable global PMI readings and an impressive bounce in the dollar. With 3 failed attempts to drive above the $25.00 level in the last 5 trading sessions in September silver two straight days of outflows from silver ETF holdings and a modest negative vibe toward physical commodities this morning silver feels vulnerable to start today.


While the palladium market failed to show definitive direction to start the week, the bull camp is hopeful following the market’s capacity to build consolidation support above last week’s spike low. While not significant yet, palladium ETF holdings posted a 9th straight day of inflows, with last week alone palladium holdings increasing by 11,437 ounces. At least to start the trading week, the platinum market clearly outperformed the palladium market by taking out the prior sessions high and regaining the midpoint of the huge washout range last Thursday.


While one has to give the bull camp credit for rejecting a series of new lows for the move/spike down moves over the past 6 trading sessions, it would appear as if the bull camp will need further definitively upbeat scheduled economic data just to avoid further liquidation. Clearly the copper market was boosted off its low on Monday off news that a manufacturing PMI reading in China jumped up to the highest level since early 2011, especially since many economists suggested that report showed signs of life in Chinese exports.

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