Good Morning,
The precious metals complex is recovering this morning after spending much Tuesday’s session under pressure as US equities continued their march into record territory. Physical demand for gold out of Asia continues to provide a downside cushion as reports showed March gold imports into China topping 223 tons! The yellow metal closed yesterday’s session at $1448.80 and is now up more than 1% on the day to $1466. Platinum continues to flirt with the $1500 level as market participants await the results of the Amplats consultation regarding planned shaft closures and job cuts proposed earlier this year. The white metal now trades $1495 after closing Tuesday’s session at $1481.20. Palladium’s dip to $680 was short lived as Norilsk Nickel reported a 9% drop in palladium production in the 1st quarter of 2013 compared to the same time frame last year. Palladium is now up nearly 1.5% from yesterday’s close, trading at $690 to start the day. Nothing significant on tap from an economic data standpoint but more corporate earnings should have market participants keeping their eye on the surging equities markets. The DJIA closed Tuesday at $15056.20! Have a great day!
The precious metals complex is recovering this morning after spending much Tuesday’s session under pressure as US equities continued their march into record territory. Physical demand for gold out of Asia continues to provide a downside cushion as reports showed March gold imports into China topping 223 tons! The yellow metal closed yesterday’s session at $1448.80 and is now up more than 1% on the day to $1466. Platinum continues to flirt with the $1500 level as market participants await the results of the Amplats consultation regarding planned shaft closures and job cuts proposed earlier this year. The white metal now trades $1495 after closing Tuesday’s session at $1481.20. Palladium’s dip to $680 was short lived as Norilsk Nickel reported a 9% drop in palladium production in the 1st quarter of 2013 compared to the same time frame last year. Palladium is now up nearly 1.5% from yesterday’s close, trading at $690 to start the day. Nothing significant on tap from an economic data standpoint but more corporate earnings should have market participants keeping their eye on the surging equities markets. The DJIA closed Tuesday at $15056.20! Have a great day!
Tom Hungerford
Heraeus Metals New York LLC
