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Strength For Precious Metals


With both gold and silver prices bolting out of the gate to start the New Year, it would appear as if the rallies are being driven in large part by a fresh downside breakout in the Dollar. However, it is also possible that the markets see overnight economic data as a sign that the global economy appears to be muddling its way through the latest flare of infections but also in the face of a slower than expected start to global vaccinations.


Not surprisingly the platinum market is starting the new year out with a significant upward thrust on the charts, with the market possibly poised to make a run at $1,200 early this week. Despite significant rallies in gold, silver, and platinum, the palladium market was unable to hold a breakout to the highest level since early November overnight.


Despite Chinese PMI data for March coming in disappointing, the copper market is showing significant strength early and is likely to make new contract highs soon. However, economists have suggested the PMI readings from Europe retain momentum and there continues to be signs that China will have difficulty finding supply of inputs like iron ore and copper.

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