Macro: It’s all about elections and keeping status quo
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
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.