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IRA EPSTEIN & COMPANY
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(August 14, 1997) METALS: GOLD, SILVER, COPPER, PLATINUM, PALLADIUM–Gold and silver have been showing some strength this week, due in my opinion to a large sell-off in the U.S. Dollar. Combined with the recent weakness in the stock market, the question you should ask is, “Is now a good time to start buying gold?”
In my opinion, any rally in gold up to a certain resistance level is a good chance to establish a short position.
Copper appears to be trading sideways, in a broad range with $112.50 as key resistance and $101.50 as critical support. It seems the growth in above-ground copper stockpiles has knocked this market out of what was a fairly strong bull market.
The platinum metals group (PMG), as I see it, continues to be bullish on tight supplies and strong industrial demand. Although both metals remain in backwardation (spot price being higher than forward month prices), palladium, it seems, may be backing off of its contract highs on news of a palladium shipment from Russia arriving in Japan for the first time this year.
David Drake
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