PGMs got Dumped but Long-Term Outlook Remains Bullish

Gold fell for a 4th consecutive day after hitting a fresh record high of 1448.6 last Thursday. Currently trading at 1413, the metal is hovering around the lowest level in a week. Speculations that territorial gains by rebels would speed up a resolution in the Libyan issue lowered demand for safe-haven assets. Despite a rebound later in the US session yesterday, outlook for PGMs remain weak in the near-term as closure of car-making plants in Japan may result in lower demand for PGMs as autocatalysts. In the longer-term, we are still bullish on the metals based on fundamentals.

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PGMs got Dumped but Long-Term Outlook Remains Bullish