Sunday, January 27, 2008

Platinum Makes New Record Highs



Has anybody seen what Platinum has done lately? Over the past 2 days Platinum prices have exploded higher on increasing supply problems in South Africa.

Above is a daily chart of Platinum and below is a 7 year weekly chart. As you can see, platinum is one of the strongest metals right now. Platinum has also pulled gold and silver higher as all 3 metals tend to trend together. I personally feel gold is vulnerable to sell off, but I will NOT look to pick tops, I'll just remain on the sidelines and observe.

3 comments:

Brian 'Hobbes' Wu said...

What are some ETF's of platinum?

Keep up the great work!

The Lonely Trader said...

When South Africa gets its grid functioning again, watch that price come straight back down. It's a trap man! Wait for a BIG pullback, then buy the *normal* bull market in the metal.

Oh, and I just sent the spammer here about fifty emails. I'll keep flaming them every day until they stop spamming my favorite blogs. I invite you all to do the same.

Kevin said...

Hi Lonley trader,

I agree with you about waiting for a big pullback...I wasn't suggesting that we should buy Platinum here...I just wanted to point out what Platinum was doing because most people probably weren't even aware that there was a huge rally taking place in this metal.

I'm glad you sent out the fifty emails to that spammer, he's so annoying. I allow everyone's comments to go through (good and bad I have nothing to hide) but I see I may have to start approving comments if the spamming continues...

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