• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours America Is Exceptional in Its Political Divide
  • 1 day Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 8 days Gazprom and Rosneft super result
  • 3 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
What Does The Future Hold For Iron Ore Markets?

What Does The Future Hold For Iron Ore Markets?

Iron ore futures have risen…

Is A Global Tin Shortage Looming?

Is A Global Tin Shortage Looming?

Cornish Metals plans to begin…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Follow the Platinum-Brick Road

Exciting couple of days on the market.

With the Dow having its worst intra-day drop ever yesterday, most of the commodities got trashed.

Over May 4 and 5, outstanding silver contracts on the NYMEX fell 3%. Copper contracts fell nearly 7% over the last three days.

Copper Contracts

Interestingly, gold held strong. Open interest actually jumped 2%. The support helped bullion break $1200/oz today.

Gold Contracts

Overseas, the action has been a little different. Gold contracts on the Tokyo Commodity Exchange plunged 5% yesterday.
In Japan it's been platinum that's held fast. Pt contracts have been on a tear since April 27, with open interest up 15%.

Platunim Contracts

Some of this strength may be related to platinum-backed ETFs recently introduced in Japan. Palladium, another recently "ETF-ized" commodity, has also been strong. With open interest up 10% over the last two weeks.

Platinum has traditionally been the investment metal of choice for the Japanese. If the current economic troubles persist, we'll see if they keep following the platinum-brick road.

ADVERTISEMENT

Here's to the other gold.

By. Dave Forest of Notela Resources


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News