Written Commentary
GOLD / SILVER
With another new low for the move in the dollar and the lowest trade since March 18th the impact on gold and silver from the currency markets is becoming more bullish. However, it is also possible that gold and silver are seeing lift from a wave of consumer price readings throughout Europe, which has some economists wondering how hot inflation will become once activity restrictions are removed.
PLATINUM
While the PGM markets recently have displayed divergent action, this morning prices are tracking in sync, and therefore we think today could be a big day for the bull camp in both markets. As indicated in silver coverage this morning, basic industrial material prices are rising sharply again in Asia and that should provide some spillover buying of PGMs.
COPPER
While the copper market failed to rally earlier this week on a series of very positive Chinese economic developments, the market clawed up on some of those bullish fundamentals with yesterday’s and more importantly has extended the rally this morning. While not a major positive, seeing a decline in daily LME copper stocks is a change of pace and that has helped copper benefit from renewed strength in Iron Ore and Aluminum prices in Asia this morning.
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