January platinum closed Tuesday afternoon trading sharply lower at $1644.90 down $40.90.  The S&P, crude oil, and a host of other commodities are sinking in tandem with copper and the precious metals.  The new development in all this is higher Treasury yields, which make the U.S. dollar more attractive.  If Treasury prices continue lower the precious metals could be in for a steeper correction than they already demonstrated. 

The momentum is down. There is no sudden wave of buying on its way in.  Even economic crises on the horizon have become routine and blasé.  The Chinese government is going to continue beating the anti-inflation drum.

The next support levels for January platinum are $1620 and $1609.

Jan platinum $1,645.70, down $40.10; Range $1,638.10-$1,679.00

Dec palladium $645.90, down $35.40; Range $636.00-$678.75

Dec gold $1,338.40, down $30.10; Range $1,329.00-$1,364.30

Dec silver $25.233, down 85.9 cents; Range $24.980-$25.850 

Dec copper $3.7275, down 19.75 cents; Range $3.6855-3.9325