Metals Market Update: Signs Point to a Bullish Return

There appears to be a definitive change in psychology in the precious metals complex. In the past month gold, silver and palladium all managed to make strong gains concurrently, and we view that as a sign of broadening of bullish forces. While the markets still appear to be focused on safe-haven and currency-related action, the fourth quarter washout in equity prices has clearly stirred what appears to be a rotation of investment capital toward gold, silver and palladium, and perhaps more importantly, a return to classic, safe-haven conditions.

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