January platinum ended the week above the $1700 level in the face of what could have been a steeper correction in the precious metals. If December gold can stay above $1330 a more serious plunge can be averted. The fundamentals for platinum remain bullish. You could call this the calm after the storm. With the dollar in full cascading descent mode the precious metals are in the process of finding new valuations. Where she stops nobody knows.

Barring some unforeseen event that makes the dollar desirable again this could go on for a while. It seems that no matter what the world governments try to do it is bad for their respective economies hence good for gold, silver and platinum. The various monetary systems are too big to fix. We may have reached a point of no return.

The next stopping point for January platinum would be $1750. While this kind of entrenched bullishness can’t be reversed in a single session there very well could be a temporary setback in prices.

Jan platinum $1,708.70, up $3.70; Range $1,675.00-$1,714.10

Dec palladium $587.60, up 50 cents; Range $570.20-$593.00

Dec gold $1,345.30, up $10.30; Range $1,325.60-$1,350.80

Dec silver $23.105, up 52.1 cents; Range $22.350-$23.325

Today’s session was a rip snorter for precious metals, with new all time highs in gold and yet another 30 year high in silver. January platinum closed up $28.60 at $1700.70. It looks like $1700 is going to be the new normal for platinum just as $1500 was normal all summer. Look for consolidation at these new heights if not a continuation of the rally to the April 2010 high of $1760. A stock market rally would be icing on the cake for industrial platinum.

Jan platinum $1,700.70, up $28.60; Range $1,667.70-$1,703.60

Dec palladium $578.20, up $16.90; Range $556.10-$579.75

Dec gold $1,340.30, up $23.50; Range $1,313.30-$1,342.60

Dec silver $22.737, up 70.1 cents; Range $21.810-$22.770

Platinum had a big range up day today, which was no surprise to anyone. January platinum closed $23.50 higher at $1682.10. Gold ended the week at an all-time high. Silver closed at a 30 year high. There may me some resistance above the $1690 level. But then again there may not be. The precious metals jinni is out of the bottle and he is mighty ready for total devastation. Volatility could be a killer but longs should be rewarded.

Jan platinum $1,682.10, up $23.50; Range $1,659.00-$1,689.40

Dec palladium $574.90, up $3.65; Range $565.10-$580.00

Dec gold $1,317.80, up $8.20; Range $1,307.30-$1,322.00

Dec silver $22.06, up $2.39; Range $21.725-$22.170

Gold and silver displayed hugely significant technical bullishness on the charts today. January platinum held firm on spillover buying. What perhaps should have been a setback to the $1600 level was stopped in its tracks. If this is the best the bears can muster in terms a correction their hand is very weak. The short term resistance is still at $1650, only about $10 away from today’s close at $1640.70.

Jan platinum $1640.7 up $5.70; Range $1609.00-$1642.70

Dec palladium $560.45 up $8.25; Range $541.00-$563.75

Dec gold $1308.30 up $9.70 Range; $1276.20-$1311.80

Dec silver $21.707 up 23.60 cents; Range $21.060-$21.775

October platinum met some technical resistance at the $1640 level and closed at $1632.90. I say $1650 here we come. With gold and silver making new highs by the minute and the S&P 500 still trading above a three month consolidation, technical resistance probably won’t mean much.

Oct platinum $1,632.90, up $20.50; Range $1,621.00-$1,640.80

Dec palladium $541.90, up $11.85; Range $534.05-$547.65

Dec gold $1,292.10, up $17.80; Range $1,287.50-$1,298.00

Dec silver $21.055, up 41.5 cents; Range $20.930-$21.200

October platinum closed at $1621.80, above the June and August highs, although not decisively as it faded from the high of the day of $1630.70. The next possible stopping point is $1640. Without a market sector itching to sell it may not be long before platinum regains its 2010 high of $1760. When considering the thinness of the platinum market there may be explosive, volatile moves ahead especially if auto demand stays firm.

Oct platinum $1,621.90, up $10.00; Range $1,604.20-$1,630.70

Dec palladium $545.70, down $3.65; Range $541.60-$557.00

Dec gold $1,277.50, up $3.70; Range $1,273.00-$1,284.40

Dec silver $20.816, up 4.5 cents; Range $20.620-$21.025

October platinum had some trouble staying above the June 21 high of $1617.80. It closed today at $1611.90 after reaching a high of $1619.00. Unless it can decisively pierce and trade above the $1617 high there could be a little downward back and fill in the coming sessions before the rally resumes. It might be a good buying opportunity for those still on the sidelines.

Oct platinum $1,611.90, up $6.60; Range $1,594.60-$1,619.00

Dec palladium $549.35, down $10.25; Range $548.00-$564.55

Dec gold $1,273.80, up $5.10; Range $1,266.10-$1,279.50

Dec silver $20.771, up 20 cents; Range $20.475-$20.825

Today October platinum closed above $1600 at $1605.30. We’ll see how long it lasts. If $1600 seems expensive it is still cheap compared to the April 2010 high of $1760 and cheaper still compared to the 2008 high of $2308. If gold continues to hold it’s own platinum should continue to catch up with follow through investment buying. It could get very volatile with big trading ranges.

Oct platinum $1,605.30, up $10.90; Range $1,580.90-$1,612.70

Dec palladium $559.60, up $5.80; Range $540.25-$564.35

Dec gold $1,268.70, down $3.00; Range $1264.50-$1,273.50

Dec silver $20.571, up 13.9 cents; Range $20.340-$20.650

October platinum closed $44.50 higher on the day at $1594.40. It stands to reason. The cheapest metal is platinum and the most overbought is silver. With gold making another all time high, platinum has suddenly become undervalued.

If platinum can consistently trade above $1600 it will be on track to follow gold and silver higher still. The funds are now buyers and platinum is a precious metal again, not just an industrial necessity.

Oct platinum $1,594.40, up $44.50; Range $1,553.30-$1,595.90

Dec palladium $553.80, up $24.00; Range $532.00-$554.45

Dec gold $1,271.70, up $24.60; Range $1,246.00-$1,276.50

Dec silver $20.432, up 28.1 cents; Range $20.030-$20.550

Platinum is still close to the bottom of a big ‘L’ formation on the charts. The longer the choppy, sideways trading goes on the more the $1500 level becomes a support platform for higher prices. With gold and silver gunning for new highs the fund speculators will sooner or later plunge into platinum and push it beyond $1600. It could happen fast but it hasn’t yet. For now October platinum is hovering just below its short term resistance of $1560.

Summer is over and it’s going to get interesting again.

Oct platinum $1,556.30, down $4.80; Range $1,546.30-$1,568.20

Dec palladium $523.20, down $8.25; Range $520.75-$533.00

Dec gold $1,259.30, up $8.20; Range $1,246.40-$1,261.60

Dec silver $19.914, down 3.5 cents; Range $19.585-$20.045