Precious metals commentary 4/26/2023
While part of the gains this morning in gold and silver are attributable to a slightly positive track across all commodities, we think flight to quality buying is present as well because of more signs that First Republic Bank might not survive. Apparently a first-quarter deposit outflow of $100 billion for the bank surprised the trade, and shares in the bank fell precipitously, which revitalizes bank contagion fears.
Seeing silver break sharply yesterday was not surprising given the ongoing negative view toward most commodities. However, July Silver rejected the washout and closed more than $0.50 above the spike low, in a possible sign of a technical bottom. It should be noted that silver ETF holdings saw a massive, single-day 8-million-ounce inflow yesterday, reversing the significant outflows of the previous five sessions and lifting the year-to-date gain in holdings to +0.7%.
Yesterday’s failure in June Palladium happened despite a 6.2% decline in Amplats’ palladium production during the first quarter that pulled their output down to 278,100 ounces. The bull camp should be encouraged by the market’s bounce overnight and by a 1.5% single-day increase in palladium ETF holdings that resulted from an inflow of 6,785 ounces. Total holdings are now 6.1% higher on the year.
MARKET IDEAS: With some sources suggesting 60% of world copper consumption is associated with China and the latest economic news from there coming in positive, this week's lows could be key lows if the global risk-off sentiment moderates.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sue Dewar cartoon, April 26, 2023Sue Dewar cartoon for April 26, 2023.
Read more »
5 things to know for Wednesday, April 26, 2023U.S. President Joe Biden announces he's in the running for re-election, the PSAC strike prompts calls to change the tax deadline, and a musician, actor and activist is dead at 96. Here's what you need to know to start your day.
Read more »
Atlantic regional weather forecast: April 26, 2023 | SaltWireMarine Forecast - April 27, 2023 Mainland Nova Scotia LURCHER (SW): WIND: Light, becoming W 10 to 15 knots in the afternoon WAVES: 1 metre or ...
Read more »
Dennis Gartman remains bullish on gold, recommends University of Akron endowment fund increase its exposure to 5%Dennis Gartman remains bullish on gold, recommends University of Akron endowment fund increase its exposure to 5% DennisGartman UniversityofAkron gold
Read more »
Gold remains well positioned to protect investors from further market turmoil - MarketVector's YangKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
Read more »