Gold continues to hold steady in the face of continuing dollar weakness. The dollar has firmed up slightly this morning, resulting in gold dipping below the $950/oz mark, a level it sustained in trading yesterday. Activity in gold ETFs has been particularly positive with the ZKB ETF reporting the 4th consecutive week of positive inflows and news that bank vaults in Switzerland are having capacity issues due to the volumes of gold and silver being stored there.
Silver has followed suit, mirroring the fortunes of gold. After trading in the high $13.60s yesterday, silver has also been affected by the slight strengthening of the dollar and has dipped to $13.60/oz. A break above $14/oz could see silver quickly challenge the recent highs at the $16/oz mark.
Platinum group metals
Platinum is up in early morning trading, a small $2 to $1183/oz. A sustained hold above $1,200/oz would be a positive signal for this metal. Palladium pushed through $250/oz yesterday, an important benchmark and is currently trading at $252/oz. After a couple of weeks of downward momentum, rhodium has gained overnight and is currently trading at $1,375/$1,500/oz..