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Friday, September 24, 2021

MARKET COMMENT PRECIOUS REPORT

TRADING RANGE (COMEX/NYMEX Far East and early European ranges 09/24/2021) IMPORTANT ROLE OF SILVER IN NEW Gold (Dec) Silver (Dec) (Oct) Palladium(Dec) Euro/USD After a turbulent week, the European stock Open 1,743.70 22.5300 989.20 1,972.00 1.1736 markets are showing discounts in early trading on Friday. The Chinese real estate group Low 1,743.20 22.5200 976.20 1,965.50 1.1732 Evergrande remains in focus. According to High 1,756.40 22.7900 991.90 2,014.50 1.1747 experts, it is becoming increasingly clear that the Chinese government wants to avoid a quick and disorderly bankruptcy. China's second LONDON BENCHMARKS / ECB-EXCHANGE RATE (09/23/2021) largest property developer has debts of more than 300 billion dollars and it is feared that a Gold Silver Platinum Palladium Euro/USD collapse would have serious consequences for AM 1,771.05 22.740 1,010.00 2,067.00 1.1715 the Chinese financial system. Some also consider repercussions in other countries PM 1,750.00 983.00 1,963.00 possible. Much of the current rise in inflation (3%) in Europe remains temporary, according to the TRADING RANGE (COMEX/NYMEX 09/23/2021) ECB, and is mainly due to very high energy prices. Nevertheless, the monetary guardians Gold (Dec) Silver (Dec) Platinum(Oct) Palladium(Dec) Euro/USD are sticking to the low interest rate policy. For Low 1,737.50 22.47 981.00 1,943.50 1.1682 the coming year, the ECB expects stability to High 1,777.10 22.88 1,011.00 2,067.50 1.1749 return. The ifo business climate index in Close 1,749.80 22.68 997.00 1,971.80 1.1736 deteriorated in September for the third time in a row, reported recently. Problems SUPPORT / RESISTANCE (USD/toz) with the procurement of raw materials and intermediate products are slowing down the Gold Silver Platinum Palladium Euro/USD German economy. Resistance 1,780 23.20 1,030 2,100 1.1770 Gold prices bounced off their 1-month lows on Friday, driven by safe-haven demand. On the Support 1,730 22.40 970 1,940 1.1710 spot market, gold is currently trading at $1,756/oz, up almost 0.7%. Silver is also starting the day on a positive note and is trying PRICE RANGES (INDICATIONS) FOR MINOR PGM’s to make up for yesterday's 1% loss. On the spot market, the precious is currently trading Rh 14,100 – 14,600 / Ir 5,000 – 5,100 / Ru 670 – 690 at $ 22.71/oz. With the highest electrical conductivity of all metals, silver is a component in almost all everyday electronic devices. GLOBAL ECONOMIC CALENDAR (09/24/2021) Going forward, silver remains very important, especially in the generation of technological Euro-Zone: Germany: Ifo Business Climate, Italy, Czech Republic: Business & advances, particularly related to the expansion Consumer Confidence, Sweden: PPI of global connectivity, the Silver Institute reported. As a result, the use of silver in UK: Gfk Consumer Confidence, BoE Tenreyro Speech electronic and electrical applications (ex. PV) is U.S.: Fed Chair Powell Speech, New Home Sales forecast to increase from around 7,000 tonnes in 2020 to 7,650 tonnes in 2025, a 10% RoW: NZ: Balance of Trade, Japan: Inflation Rate, Thailand: Balance of Trade, increase, underlining the role of silver in new Singapore, Israel: Industrial Production, Mexico: Sales technologies. Platinum has been weaker so far on the last trading day of the week and is trading slightly down, while palladium is trading slightly up this morning after yesterday's rollercoaster ride and For any comment, question or other inquiry please call us: slightly above the $2,000 mark. Rhodium continues its recovery and broke through the $ Hanau (DE) +49 6181 59 + (extension) 14,000 mark last night. Since the low for the Paola Castellano-Weisser (6294), Oliver Stoehr (6291), Stephan Henkel (6292) , Sven Bandilla (6293), Sascha Hasenmaier (6297) month on 15 September, rhodium has now gained over 30 % - but the high for the month South Plainfield (US) +1 908 222 + (extension) remains a long way off. Stephan Marczinkowski (5001), Tom O’Keeffe (5002), David Lee (5003), Rosanne Rapier (5004) Good luck and have a nice weekend.

This document is intended solely for professional participants of the precious metals markets. It is not designed for private individuals. This document is not and should not be construed as an offer to sell, or a solicitation of an offer to purchase or subscribe to, any investment. This document is based on information that Umicore Precious Metals New Jersey, LLC and Umicore AG + Co. KG Hanau Precious Metals Management (“Umicore”) has obtained from sources that it believes to be reliable, but Umicore has not independently verified such information. Accordingly, Umicore makes no guarantee, representation, or warranty as to its accuracy or completeness. Expressions of opinion are those of Umicore and may change without notice. Neither Umicore nor any of Umicore’s affiliates assumes any liability for any loss or damage, whether direct or indirect, that you may incur as a result of the use of or reliance on the information or opinions provided herein. If you are considering a purchase or sale of precious metals from or to Umicore, please contact one of our account representatives for the current price and information about our terms and conditions of sale.