Did I say the rally is over? Platinum made it’s highest close since June today at $1563.40. It seems to be feeding off of industrial demand led by copper which made it’s highest close since May 13 at $3.2900 today. The other leading markets were droopy and lackluster; the S&P down, gold holding its own but still looking for support.

Platinum has to use the $1550 level as support, not just a pivot zone, to sustain this anemic rally. Whatever happens short term platinum is still range bound between the May 21 low of $1473.00 and the June 21 high of $1617.80. Wake me when it gets to $1600.

Oct platinum $1,563.40, up $21.70; Range $1,540.70-%1,568.60

Sep palladium $491.20, up $22.45; Range $469.00-$492.75

Dec gold $1,171.20, up $8.80; Range $1,161.60-$1,172.00

Sep silver $17.617, up 17.6 cents; Range $17.480-$17.695