Written Commentary
GOLD / SILVER
The path of least resistance in the gold market today is pointing down, with fresh notable chart damage early on, a quasi-upside breakout in the dollar and divergence between gold and silver. In the silver market it has managed to positively diverge with gold and platinum in the early going today and has also discounted a 7th straight day of outflows from silver ETF’s.
PLATINUM / PALLADIUM
While we see the uptrend continuing in the platinum market, the chart action suggests a temporary corrective event might be in order. Another longer-term supportive development was seen from a CITI forecast that platinum might gain as much as 275,000 ounces of demand through substitution of palladium in certain manufacturing processes.
COPPER
With copper prices into the high on Wednesday posting a low to high gain on the week of $0.17 and the net spec and fund long in copper in the last report lofty at 76,988 the market is obviously short-term overextended on the upside.
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