A brisk day for commodities across the board and platinum took it on the chin as well.  World governments are taking steps to curb inflation which worries commodities players. 

January platinum settled $61.20 lower at $1684.60, piercing key support levels at $1727 and $1700.  It is ready to re-test $1660 or even $1640.  My brain is telling me to wait and see what happens but my gut is telling me to buy for a short term bounce.

A physical buyer may want to risk buying here because it is such a significant dip.  We chicken hearted, low key traders would wait a few sessions to see if the bull trend resumes or if this is the beginning of precious metals Armageddon.  I like the idea of jumping in here with a small amount.  This commodities volatility event was just a bit too “newsy”, meaning that it was a reaction to external jawboning by government rumor mills.   

Friday afternoon trading in January platinum finally closed at $1684.00 down $61.80

Jan platinum $1,684.60, down $61.20; Range $1,672.50-$1,759.90

Dec palladium $673.65, down $30.50; Range $672.00-$709.80

Dec gold $1,365.50, down $37.80; Range $1,359.30-$1,410.00

Dec silver $25.942, down $1.463; Range $25.760-$27.690