Precious Metals Review: Commerzbank

Commerzbank notes....

• Despite the US dollar appreciating again, gold has managed to gain to around $1,170 per troy ounce. 
  
  
• In euro terms, it temporarily regained the €1,100 per troy ounce mark on the back of the weak common currency. 
  
  
• Yesterday's EU summit on Greece and other topics yielded little in the way of new information. The highly-indebted country is supposed to submit another list of reform proposals in order to receive further aid and thus avert insolvency.
  
  
• In other words, the uncertainty over whether Greece will remain in the Eurozone remains, which should make gold attractive as a safe haven. 
  
  
• While silver and to a lesser extent platinum likewise made gains in gold's slipstream, palladium found itself under considerable pressure. It fell by 2% and at $765 per troy ounce was trading only marginally above the two-month low it had hit the day before. 
  
  
• It is currently facing headwind first and foremost from ETF investors, who sold 26,800 ounces yesterday alone. Holdings in the palladium ETFs tracked by Bloomberg were reduced
  for already the fourth day running. 
  
  
• Outflows since the beginning of the year meanwhile total 199,000 ounces or 6.5% - almost as much palladium as Russia produced each month last year. The palladium price is unlikely to make any noticeable recovery for as long as ETF outflows continue.