Precious Metals

October 03 2012 10:28 AM

Silver this week appears to be tracking tightly with gold instead of platinum and copper prices and that in turn seems to suggest that the ebb and flow of additional US easing prospects could continue to be the main focus of the silver trade. Therefore the markets view of the scheduled data flows later this morning could set the tone for the entire trading session. However, private jobs estimates look to paint a positive economic picture early this morning while the ISM Non Manufacturing report is expected to be a touch weaker and therefore the silver market will have to decide which US data point is more important.

October 02 2012 10:12 AM

SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Relatively speaking December silver has forged an extremely narrow early trading range in the face of economic cross currents overnight. While the trade saw evidence of slackening growth in Europe overnight, the move to cut interest rates by the Royal Bank of Australia clearly countervailed a portion of the potential risk off vibe.

September 28 2012 10:26 AM

Platinum prices have posted large gains this morning, and in the process the January contract has reached up to the highest level since September 18th. Platinum prices might have been undermined this morning by news that Impala platinum agreed to a wage increase for their workers, as that action might signal a slight reduction in supply side threats.

September 27 2012 10:24 AM

Platinum was able to put together a moderate recovery in the wake of the surprise move by the Chinese central bank to provide liquidity overnight. Platinum may also find additional support from the lingering strike potential in South Africa at Anglo American platinum. In fact, a South African platinum mining official overnight suggested that the South African platinum mining industry was poised to face some very significant trouble ahead. Mining companies maintain that workers are staging illegal strikes and are unwilling to negotiate wages, which may rekindle supply side concerns for the market.

September 26 2012 10:24 AM

While silver might have garnered some lift from an upward revision in a private silver price forecast overnight, the outside market action this morning has probably tempered bullish sentiment somewhat. While currency market action early on is bearish for silver, seeing gold and platinum prices at times clawing back into positive territory, probably leaves the outside market environment for silver mixed.

September 25 2012 2:19 PM

Silver was showing some bullish signs last week as it made new highs above 35.00, but was quickly rejected from clearing this level. The 4H chart shows the market failing to sustain the higher high with a higher low, and instead fell sharply below last week’s low at 33.78. Basically it went from making new highs to now making a new low.

September 24 2012 11:07 AM

While platinum has posted sharp losses along with the rest of the precious metals markets during overnight trading, October platinum contract has yet to return to last week's lows. Many traders feel that a return to a "risk-off" environment throughout global markets and rekindled fears of noted global economic slowing are pressuring platinum prices this morning.

September 21 2012 10:13 AM

The platinum market appears for many traders to have been strengthened by a 180 degree shift in outside market sentiment. Broad-based selling of commodities in yesterday's trading session appears to have been reversed, which may have been given some additional credence by a recovery in global equity markets.