PM Daily Market Commentary – 3/10/2014
Gold closed unchanged at 1339.90 on moderately heavy volume, while silver was down -0.06 to 20.83 on moderate volume. Shorts tried pushing gold lower in Asia and failed, but the COMEX longs didn't make enough of an appearance to cause a serious rally. Silver shorts were more successful, pushing silver down to a new low of 20.61 before it rallied back.
The buck closed up +0.01, basically unchanged at 79.75. The buck's downtrend remains unchanged.
GDX was off -0.80% on light volume, while GDXJ was down -2.64% on moderately heavy volume. Both miner groups remain within their consolidation ranges, but show no hint of wanting to break higher. In fact, GDX:$GOLD is showing hints of breaking down and looks bearish, as is the $GOLD:$SILVER ratio, which has been climbing and is now 64.31.
Commodities took a break, off -0.36% today. Copper may have put in a bottom, bouncing off 3.00 on extremely heavy volume today. Copper needs a close above 3.08 to have a buy signal – not something I expect, what with China seemingly quickly approaching its debt-bubble götterdämmerung, but if it happens it is a positive signal for silver – especially in light of all this bad news. If copper plunges through 3 however, we could see some fireworks as it would likely drag silver lower.