The Market Gage – Precious Metals Get Steady Start to Week.

Following a steady day and strong close on Friday, precious metals were poised to move higher and did not disappoint when trading resumed yesterday. Not even a sharp sell-off in copper (a reaction to concerns over the health of the Chinese real estate market), could prevent all four precious metals from rallying. While off the overnight highs, gold remains very steady at $1,335.00 and silver is still trading above $22.00. Platinum is off to a good start as it is up $10.00 while palladium in unchanged at $740.00.

Data released by the CFTC on Friday continue to be very supportive for continued gains, as all four precious metals showed short positions on the futures exchange and continue to get covered while new long positions are being added.

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