Head of Commodity Strategy
Summary: Spot platinum has popped higher this morning, thereby challenging the downtrend from 2011, while breaking above previous resistance at $877/oz
Total holdings in exchange-traded funds backed by platinum has jumped by 28% since the December low to reach a record 92 metric tons. This occurred during a time where the discounts to gold and palladium both reached record highs before contracting.
From a technical perspective the gold-platinum spread, which reached a record $525 on February 14 and which is currently trading $410, could reach $350 before finding the first level of resistance.
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