I am adding more longs to the platinum trade. I think it has a lot more upside.
First, the daily charts.
As I expected, it blew right past the 1030 resistance. If it pulls back to the 1030 level, I will add even more longs.
Second, we have the weekly charts.
It just completed a right angled broadening triangle. The target for this pattern is $1400.
Third, we have the monthly charts.
I believe this is the start to a bull market in platinum. I plan to ride this trade into the $1400 level.
I believe platinum is going to ultimately do what palladium did.
I detailed the fundamental case for buying platinum a few years ago. See my posts “A Tale of Two Metals” and “Zimbabwe II“. I will repeat what I said- buying platinum is like buying a put option that never expires on the stupidity of South Africa’s government.
You will never go broke when you bet on the stupidity of governments.