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Platinum is a buy here...


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  #1 (permalink)
 DaysOff 
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I'm talking my book here...Platinum is a buy at these levels. Trade it up to $1,000 and leave a runner up to $1,100.


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  #2 (permalink)
 
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 blackgrey45 
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I have no idea what the fundamentals are like for Platinum, however, I do agree that chart looks like a buy. Just looking at the range it has been in for three years makes it a strong buy.


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 DaysOff 
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Fundamentals support a long view/position...structural supply deficit.


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 SMCJB 
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Love to hear more.
Is that chart a continuous contract?
Why do fundamentals look good?


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 DaysOff 
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Yes, that is the continuous chart. Contract roll is indicated by the purple circle symbol at the bottom of the chart.

For the fundamental picture, there's a structural supply deficit. I don't trade off of fundamentals. Price is at an area of strong support.

"Second consecutive platinum deficit forecast in 2024 amid ongoing automotive and industrial demand strength and constrained supply (2023 estimated deficit 1,071 koz; 2024 forecast deficit 353 koz)"
https://platinuminvestment.com/supply-and-demand/platinum-quarterly

https://theoregongroup.com/investment-insights/platinums-supply-and-demand-crisis-has-started/


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 DaysOff 
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I closed out my long platinum trade yesterday. I would have liked to have left a couple contracts long to see what happens but have some personal business that will be consuming much of my time the next couple weeks. Figured it was easier to close the trade completely with a nice profit. Cheers.


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 DaysOff 
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Time to start building another long position...


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 DaysOff 
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Closed half of the long position in the July platinum contract. I wanted to lock in some profit and possibly trade a pullback...but with all the metals ripping I didn't want to close the trade completely. The way metals are trading, I wouldn't be surprised to see platinum hit $1,110.


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