July platinum has established a month-long $158 trading range from $1663.90 to $1822.10. Today the precious metals followed crude oil (down $3.72 at this writing) and the stock market lower in a profit taking session. The speculative premium may be slowly coming out of the commodities markets. This could affect gold, silver and platinum as well.

A Goldman Sachs research note circulated late Monday, which said the bank would temporarily exit its bets on higher copper and platinum prices. Goldman cited the threat of higher oil prices would slow economic growth and cut near term demand for these commodities.

I remain bullish long term on gold and platinum. Naturally and as usual, we could see a period of choppy consolidation before the next upside breakout.

Jul platinum $1,774.30, down $18.50; Range $1,770.40-$1,796.50
Jun palladium $770.10, down $18.15; Range $762.00-$788.55
Jun gold $1,453.60, down $14.50; Range $1,445.00-$1,468.50
May silver $40.045, down 54.6 cents; Range $39.705-$40.910

With silver leading the way, a new record high for gold pushed July platinum to the threshold of $1800 an ounce today. It’s the usual suspects of persistent global uncertainty; the ongoing conflict in Libya, European sovereign debt and a stronger oil price triggering global inflation fears.

You’ve got to love that silver, hitting another 31 year high.

Jul platinum $1,796.8 up $9.80; Range $1,784.00-$,1800.70
Jun palladium $793.10 up $8.70; Range $775.75-$$794.30
Jun gold $1,452.50 up $19.50; Range $1,431.00-$1,455.50
May silver $39.183 up 68.9 cents; Range $38.070-$39.245