There has been little clear trend in precious metals prices in recent trading, with the markets recovering when they look the most bearish and stalling when they look the most bullish.
Precious metal prices remain firm, underpinned by ongoing tensions in the Middle East and continued speculative enthusiasm for commodities.
Once again the gold market has surprised by its resilience. Sentiment towards gold was helped by an early recovery in the base metals markets.
Given the increased correlation between base and precious metals over recent months, any further weakening in base metal prices would be a distinct drag on gold.
Sentiment towards the precious metals complex remains overwhelmingly bullish, which is hardly surprising given the strength of the price action.
Sentiment towards the precious metals complex remains overwhelmingly bullish.
The outlook for platinum is fairly positive. The funds aggressively sold off positions toward the end of last year and could add positions in platinum again and take the metal over $1,000/oz.