Written Commentary
GOLD / SILVER
While the December gold contract did reject another downside extension overnight, prices remain within a negative chart set up pattern and fundamental psychology remains damaged due to the growing likelihood that a stimulus agreement will not be reached before the election.
PALLADIUM / PLATINUM
While the December palladium contract did not make a lower low overnight like gold and silver, the market remains under a cloud of disappointment following a significant washout in the face of very upbeat Chinese auto/vehicle sales. While the damage in the platinum market earlier this week was not as severe as in other precious metals markets evidence of slowing throughout Europe hits right at the heart of platinum demand for auto catalyst in a prime diesel engine area.
COPPER
After yesterday’s definitive fundamental disappointment from coppers dive, in the face of stellar Chinese copper import data, it could be difficult to rekindle speculative buying interest. However underpinning copper prices today is a more definitive risk against supply from a labor dispute at the world’s largest copper mine in Chile.
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