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Upside Momentum For Platinum


While the gains in the gold and silver markets are not significant this morning, the markets have extended the bullish chart patterns into another trading session. While we still expect the silver market to outperform the gold market, silver investment interest has not been as consistent as gold investment interest over the last seven trading sessions.


With another higher high for the move, further weakness in the US dollar and strength in other precious metals markets platinum enters the last trading session of the week/year with upside momentum. It should also be noted that platinum ETF holdings increased yesterday by 1,070 ounces bringing total platinum ETF holdings to 3.8 million ounces with a net market value of $4.1 billion.


Given that Chinese nonmanufacturing and manufacturing PMI readings for December were mostly disappointing overnight and given that Shanghai copper stocks jumped by 15.3% on a week over week basis the extension of lower highs and lower lows is justified today. Furthermore, US infection readings yesterday rebounded back to the 200,000 per day level and global equities are showing initial weakness.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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