Morning Macro 30th December
Crazy price action in precious metals continues. Gold down more than 4.4% yesterday is the small mover as silver fell over 9%! The aggressive move higher in silver to record high near $84/oz (Figure 1) at yesterday’s market open suggests shorts stopping out, before price collapsed through trading.
Platinum collapsed too, down almost 14.5% and palladium was hit even harder (-15.8% Figure 2). Even non-precious metals have been violent: copper jumped 5% on Friday then fell almost 4.8% yesterday. This morning bounced 2% already.
Elsewhere, limited data at the moment. Currencies have steadied this past week – USD/INR consolidating just below 90, EUR/USD likewise under 1.18 and USD/JPY around 156.
