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Slow Gains For Metals Complex


With a fresh higher high for the move and the approach of $1800, December gold appears to have follow-through buying capacity especially after investors yesterday were found to have purchased 85,904 ounces of ETF gold holdings. In addition to obvious political uncertainty flowing from Afghanistan, economic uncertainty has been boosted by soft data from both China and the US. Furthermore, gold and silver prices yesterday managed to rally despite strength in the dollar and are exhibiting that same action early this morning.


With a very poor trade on the charts yesterday (the lowest trade since July 20th), and a noted ETF liquidation of 7,241 ounces of palladium yesterday the bear camp has an edge into the 2nd trading session of the week. With the platinum market rejecting a 3-day low in the face of noted weakness in palladium, strength in the dollar and weak equity prices, the platinum market might have found solid support at the $1,000 level.


The copper market is under pressure this morning because of news that China closed a port because of infections at the port as that adds to preexisting Chinese copper demand fears. Not surprisingly, the copper market broke down yesterday following very disappointing Chinese industrial production and retail sales readings for July.

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