Precious metals
Russian-Ukraine tensions are having little impact on gold but still appear to be lending
additional support to palladium as participants speculate on sanctions and disrupted
trade. Gold instead seems to be reacting to stronger US data, with CFTC data still
showing continued long liquidation.
Gold ETFs are still seeing further liquidation, with ETF holdings sitting at 5-year lows.
Meanwhile, physical buying has yet to pick up the slack.
The PGMs continue to be dominated by the ongoing strike action in South Africa, with
yet another meeting with striking unions set for today. With unions looking set to drag
talks out, even with ground being ceded by the miners, platinum prices remain
reasonably well supported.

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