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More Erosive Action in Metals


Despite a lower dollar and news of lower gold production from Russia and South Africa, gold and silver are starting off on a softer footing today. In fact, gold sits just above yesterday’s low which is also near another key pivot point of this week’s low at $1824.80. On the other hand, silver ETF holdings yesterday jumped by very significant 3.24 million ounces bringing net purchases on the year up to 273.3 million ounces and more importantly putting the percent year to gain in silver ETF holdings at “45%”.


The charts in the platinum market enter the 4th trading session of the week in favor of the bear camp with the inability to hold above $1,005.10 potentially sparking a stop loss selling slide down to $986.10.


With 7 days of sideways consolidation and a significant downside spike move overnight, we suspect the dramatically overbought technical condition of copper was moderated. We also suspect the major spike down move was the result of additional US/Chinese tensions with China overnight announcing sanctions on US officials with particular focus on those traveling to Macao and Hong Kong.


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