Gold Investments Market Update

• Print
• E-Mail

Silver

Silver is trading at $20.80/20.84 at 1200GMT.

Another clear indication that silver is far from a speculative mania rather in the early to middle stages of a secular bull market was seen in the fact that silver had its largest daily gain on a closing basis in memory and yet despite this the open interest actually fell. Again showing that speculative longs have not entered the market rather it is speculative shorts that have been exiting their humongous short position which is causing the price to surge.

PGMs

Platinum is trading at $2225/2235 (1200GMT).

Palladium is trading at $547/553 per ounce (1200GMT).

Platinum and palladium succumbed to profit taking after their recent sharp run up. A likely brief respite regarding the power supply issues in South Africa contributed to the PGMs sell off. Further weakness and some follow through selling may be seen but the fundamentals remain sound especially in platinum with large supply demand deficits predicted for this year.