With the dollar up, the stock market and gold down, January platinum put in an outside bar down on the charts today to close at $1678.10 down $25.90.  There will likely be some follow through below the October 20 low of $1660, possibly to $1610.  It depends on how deeply gold corrects more than anything.  If December gold closes below $1315.60 the next stop could be $1276.20.  That seems likely.

Jan platinum $1,678.10, down $25.90; Range $1,676.70-$1,716.30

Dec palladium $619.15, down $6.30; Range $612.85-$639.50

Dec gold $1,322.60, down $16.00; Range $1,318.60-$1,343.70

Dec silver $23.404, down 42.6 cents; Range $23.350-$24.295

Platinum continues to look over its shoulder for direction from gold, silver, equities and the dollar. The bulls need some positive fireworks in equities or a sharp slide in the dollar to forge anything more than a muted rally. Ultimately the direction of platinum will be dictated by the direction of gold.

January platinum has been holding its value fairly well the past three weeks between $1660 and $1730. I get the sense that gold still has more downside correcting to do from its all-time-high making rally. It will affect platinum; it just remains to be seen how much.

Jan platinum $1,697.00, up $21.90; Range $1,678.00-$1,710.30

Dec palladium $608.80, up $17.70; Range $589.95-$620.00

Dec gold $1,338.90, up $13.80; Range $1,329.30-$1,349.50

Dec silver $23.544, up 42.6 cents; Range $23.300-$23.855

What do we have here?  Gold and silver making record highs by the minute while platinum spins its wheels around the $1700 level.  Platinum continues to draft its direction from gold, which takes its direction from the dollar.  The long term trend in gold is up, therefore the long term trend in platinum is up.  

We are still expecting a catch up move in platinum.  Suddenly, one day, maybe after Federal Reserve quantitative easing plans go beyond just hints and become official, platinum will explode to the upside.  Wait and see.  But the waiting period would be a good time for pool buyers to get in around $1700.

Jan platinum $1,712.60, up $5.20; Range $1,701.10-$1,727.60

Dec palladium $601.55, up $7.90; Range 595.85-$605.00

Dec gold $1,377.60, up $7.10; Range $1,371.10-$1,388.10

Dec silver $24.435, up 50.3 cents; Range $23.995-$24.950

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