Platinum is one of those "other" Precious Metals that is often overlooked and rarely talked about by mainstream pundits. It has a few industrial uses like Silver so it has some different fundamentals to the more common Monetary Metals, but it's still precious and shiny and if you're a stacker you probably either have some (or want some) in your stack. Recently Platinum has been making a few heads turn in the alt-media space and if you have a look at the chart below you'll see why.
Source
That's a good looking chart if you have some of your capital invested in Platinum. This is a one hourly chart so you can see that it's been in a strong uptrend this month and is up over 20% in just the last 9 days. It's very hard to know why Platinum is making such a big move. Maybe it's playing catch up to Gold because Silver has been doing well over this period too. There are some voices which claim this is related to auto industry speculation (Platinum is used for Catalytic Converters in cars) but I'm not really buying that story.
I do find it difficult to do any kind of reliable Technical Analysis on the Platinum chart because it is not as liquid or sentiment dependent as Gold, but I am left wondering if it might be due for a consolidation. I would consider the Platinum price to be currently Overbought, however if it really IS a catch-up move next to Gold then it could easily have a lot more room to run. Especially since I think Gold is looking like it's about to make another decent move higher.
I am also reading that the Jewellers are turning to platinum since gold is becoming more expensive. They probably trying to find an alternative for the mid to low incomes people who want to buy Jewells.
Interesting. I think Platinum makes for nicer jewelry anyway, but I'm not really a jewelry guy.
I remember when platinum was 20% more expensive then gold…..
Yes, I grew up always thinking that platinum was more valuable than gold. A long time ago now...
That ain’t happening again anytime soon. Looks like it’s just moving with Silver. As long as we got Silver we aren’t missing out.
Platinum may not have a monetary history but it wouldn't hurt too much to have a little. I got a sweet rare 1/10 oz Platinum Chinese Panda on a bracelet and bezel a gift from a stacking friend. This way I got some skin in this Platinum game.
!PIMP
Very nice!
Looks like a clone of the Silver chart to me. Holding silver same play. !PIZZA
I have always to have Platinum in my stack, apart from Gold & Silver. On my checklist! Better not increase to that point where I regret not buying when they were cheap!
Oh man that's a pump! Gold and silver are more tied to geopolitics, I wonder if platinum does the same
Gold & Silver moving very opposite for a while. Silver & Platinum moving similarly.
both gold and silver seem to be mooning tough after israel-iran issues, while platinum dumped
Look at charts. Moving very differently.
That chart shows about 20% pump?
Yes. $1050 to $1274 is about 21%
Not bad for a steady 10 day run... I don't have platinum exposure, mostly silver via PSLV and some gold miners exposure via GDX.
oh wow.. that's a great looking chart! I always liked the sound of platinum, but yea.. only collected gold and silver coins so far.. I hope ALL the metals go UP, UP, UP! 👊😎🤙
Silver moved basically same. Ur not missing out.
$PIZZA slices delivered:
@geneeverett(15/15) tipped @kerrislravenhill
Come get MOONed!