Rich Man’s Gold Done Slippin’?
Platinum appeared quite vulnerable heading into evening trading, and even dipped down towards $1390 for a bit before turning around this morning in New York. Today, however, the rich man’s gold is up, rocketing to shy of $1440 before settling around $1425. The gold – platinum ratio sits currently at .89 ounces of gold per ounce of platinum. It will be bullish for all precious metals, especially silver and palladium, if platinum can test again the $1450 number, but I do not anticipate that being today.
But, in this time of poor economic news out of United States and Europe, and dismal industrial outlooks, platinum is not dumping like it did circa 2008. Now, it still could, but the precious metals markets generally are exhibiting dynamics different than their dynamics of the past. Still, platinum is not up percentage-wise as much as gold and silver, sitting at around 2% up for the day. This might be signs of a coming pullback in gold and silver, but there is no doubting that the real news is a new high for gold in this recent trading range.
from → Precious Metal News