Our piece for TraderPlanet this morning focuses on the developing metals picture. Quantitative Easing in Europe has clearly contributed to the deflationary tone along with China's unwillingness to fill the global demand gap. However, these macro issues carry little weight in our day to day trading.
This morning's issue comes down to two things. First, the Commitment of Trader Report has shown tremendous commercial buying on this decline and secondly, platinum and gold hit parity. As I said in our piece for TraderPlanet, "Given the same price, would you rather own an ounce of platinum or, an ounce of gold?"
We'll be following up on this in detail later in the week.
Read - Metals Markets Hit Oversold: Time to Revert to the Mean?
