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11/14/2005
The January Platinum Contract has reached 25 Year Highs with its price. It even touched off the $980 mark in the overnight trade.
Platinum markets are thin. Once someone starts buying the ask - the prices start moving. I am told that demand for the physical platinum is high, I am told that fund managers are buying the momentum.
I think there is something else going on. Something which influences all of the precious markets and platinum is simply too thin to handle it without pushing to the new highs. A possible structural shift in the global economy or a disruption of some sort...
P.S. There is plenty of talk about a large Chinese government copper trader being short an unspecified amount of copper at the London Metal Exchange... I am not sure what to think of this story.. Let's just hope that China doesn't bully the markets when it handles the situation...
This is not a trade recommendation and no one should treat it as such.
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