Silver drops despite strong investment demand

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals were mixed on Friday as investors continued to lock in gains after the previous rally. Moreover, upbeat reading of German business confidence eroded safe-haven appeal of the commodity group. At the same time, broadly weaker greenback provided support for the commodity complex.

Gold slumped on profit taking and positive German data. However, weaker-than-expected new home sales in the US sent the US currency lower, supporting the yellow metal.

Silver dropped despite strong activity in silver-backed ETFs. Moreover, speculation that the Royal Canadian Mint follow the US mint trend and run out of silver coins was supportive for the grey metal.

Platinum jumped after Anglo American announced a fall in platinum production. Platinum output plunged 29% in Q4 of 2012 because of strikes in South Africa.

Palladium soared after the data showed that Russia's palladium sales tanked 68% in 2012. In 2013, Russia's sales of palladium are likely to vary from "zero to several tons" as the country's reserves appear to be exhausted, said Anton Berlin, deputy chief of ZAO Normetimpex.
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