January platinum has broken through its April 2010 high of $1760.40 on the overnight continuation.  The high of the day is $1799.50 up $102.30 at this writing.  The next resistance level is $1850.  This is the explosive move we were expecting.  I thought we had more time but it always happens this way.  Suddenly, one day, up a hundred bucks. Buy any dips, even minor ones.  

January Platinum settled $58.70 higher today at $1755.90, faithfully following December gold’s lead, which settled $45.50 higher on the day.  A sharply lower dollar and a higher stock market are adding to the upward momentum.  A break out in crude oil favors platinum’s industrial demand component.  But it is investment demand in the form of inflationary expectations that is driving these gains. 

It could take a few days to fully factor in the QE2 readings.  Positive economic data and QE2 could make inflation loom large.  If you bought platinum in the $1700 range during the recent consolation be happy.         

Jan platinum $1,755.90, up $58.70; Range $1,705.10-$1,759.20

Dec palladium $674.75, up $32.05; Range $644.30-$678.00

Dec gold $1,383.31, up $45.50; Range $1,346.70-$1,384.80

Dec silver $26.043, up $1.607; Range $24.750-$26.100

Pay attention to this one.

Copper settlements: 

Dec $3.9120; up 12.70 cents; Range $3.8125-$3.9170

Mar $3.9240; up 12.65 cents; Range $3.8255-$3.9275