With the enthusiasm shown in the stock market recently it isn’t surprising that October platinum closed above a three week consolidation zone at $1542.80. What’s surprising is that it isn’t higher. With copper closing well above $3.00 at $3.1850 a pound platinum should head for at least $1550 and possibly the June 18 high of $1617.80.

But platinum is a secondary market that has to be lead by the stock market, copper, gold and general economic sentiment. With continued Euro zone improvement we could well see higher platinum prices. Even so $1600 is still a long way off if this is the best the bulls can do alongside a sustained rally in the S&P.

Oct platinum $1,542.80, up $13.40; Range $1,525.20-$1,551.80

Sep palladium $466.75, up $9.85; Range $458.80-$470.00

Aug gold $1,187.80, down $7.80; Range $1,185.80-$1,203.90

Sep silver $18.101, down 1.9 cents; Range $18.060-$18.280