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Washout in Metals Last Friday


While the gold and silver markets are trading higher to start the trading week, a portion of that strength is likely a technical balancing move from last Friday’s significant washout in prices. However, US treasury yields have declined with a bounce in bond prices of nearly 5 points.


Like the gold and silver trade, the platinum market has rebounded aggressively to start the week, but a moderate portion of that action might be simple technical short covering buying. Palladium ETF’s last Friday increased by 2,425 ounces, putting the year-to-date gain in holdings at 2.6%.


Like many other physical commodity markets, the copper market has managed to “bounce” following last week’s reversal of reflation sentiment. Unfortunately for the bull camp, Chinese manufacturing data for February was disappointing in several measures released earlier today and that undermines Chinese copper demand expectations.

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