The S&P goes up and platinum stays the same. The S&P goes down and platinum goes down. There seems to be pretty stiff resistance in platinum at $1539. The deflation whisperings are getting louder. The whole month of July has been range bound between $1490 and $1540. If gold gets smacked down in a serious way, say below $1170 to $1150, it would be bombs away in platinum, also serious. We’re looking for a downside breakout in platinum not just below $1490, but hundreds of dollars per ounce, possibly to $1100.

But the relevant markets have to lead the way for platinum to follow. The stock market, gold, silver, copper, all have to deflate in tandem. Only gold has benefited from inflation fears, making new highs by the month. When deflation takes hold everyone will know it. It has already today. Don’t buy platinum just yet. Wait for prices to come down considerably.

Oct platinum $1,512.10, down $21.60; Range $1,506.10-$1,538.00

Sep palladium $448.60, down $18.60; Range $445.65-$469.30

Aug gold $1,188.20, down $20.10; Range $1,185.80-$1,210.90

Sep silver $17.788, down 57.4 cents; Range $17.730-$18.390