October platinum is still range bound between about $1500 and $1600. This has been going on for three months now and looks like it will continue. Everybody in the world turned bullish on gold and silver last week. The word was that gold was due for a steep correction, possibly to $1000 an ounce. Now the danger has passed, so they say.

Even though platinum is being given a lift by the gold market the fundamentals in the form of depressed auto demand are still weak. I personally will not be buying platinum just yet. Platinum prices might see flight to quality buying interest this week based on broad physical commodity fundamentals e.g. copper and crude oil. But platinum is at the bottom of the quality barrel. It is primarily a derivative play on gold.

Oct platinum $1533.10 down $3.90, Range; $1529.30-$1542.30

Dec palladium $500.10 down $4.55, Range; $499.50-$510.00

Dec gold 1239.20 up $1.30, Range; $1235.00-$1240.40

Dec silver $19.074 unch, Range; $19.020-$19.275