Precious Metals

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Source: Dukascopy Bank
© Dukascopy Bank
Precious metals fell on Wednesday amid stronger US Dollar and steady equities. Stabilization of the US and EU economies also continued to damped the safe-haven appeal of the metals pack. Moreover, lack of interest in precious metals purchases from large gold and silver-backed funds blocked any upside move. The yellow metal was only marginally lower as it managed to find support on the plans to increase British gold reserves. Silver mainly tracked the gold trend while platinum and palladium, being more growth-sensitive, faced strong downward pressure from pessimistic China's PMI data. At the same time, palladium, the top-loser, was also depressed by the plunge of Norilsk Nickel stocks because of weak China demand for palladium and nickel.

Correlation between palladium and gold declined from 0.72 to 0.69 while its connection to other precious metals strengthened on the more stable situation in the Euro Zone. Meanwhile, palladium's link with the Dow Jones-UBS Energy Index (DJUBETR) eased up from 0.07 to 0.08, indicating very low interdependence. At the same time, palladium's tie to the Standard Poor's SP500 (SPX) soared from 0.70 to 0.81 after disappointing US existing house sales data.

© Dukascopy Bank
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Thu, 22 Mar 2012 19:23:45 GMT

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