Written Commentary
GOLD / SILVER
While the slide in gold and silver prices following the US treasury auction yesterday might not have been a direct reaction seeing US treasury yields rise following the auction served to sink metals and other commodity prices yesterday. In yet another negative, the Fed’s Bullard yesterday indicated that once US vaccinations reach 75% of the population, that would allow for tapering and therefore the subject of rising rates remains on the back of the gold and silver markets for another session.
PLATINUM / PALLADIUM
Overnight South Africa reported PGM output to have declined by 0.9% in February over year ago levels and that should be minimally supportive of both palladium and platinum. With the palladium market this morning breaking out to the highest level since the spike up rally in mid-March, it appears as if the market is poised to move to a higher plateau above the $2700 level.
COPPER
The reaction in copper prices this morning is discouraging to the bull camp, as a 25% increase in Chinese copper imports from year ago levels barely lifted prices. However, some traders see the sharp jump in March copper imports as a simple one-off rebound from a 13-month low in Chinese imports in February.
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