Platinum strength
Gold, bitcoin, and silver have all benefited from a weaker dollar over the last few weeks. Yesterday saw a very strong run for precious metals and one metal that has very strong seasonals is Platinum. If you look over the last 33 years you can see that Platinum has had a very strong start to the year pretty consistently over that time period. This year is setting up to be exactly the same.
The largest gain in the metal was a stellar run higher in 2008 with a rise of over +39%. In total there has been 27 years of gains out of the 33 years during the start of the year.
These gains are no accident since many industrial purchases of Platinum take place at the start of the year. So, these purchases push up the price. Furthermore, according to the World Platinum Council, demand is set to outstrip supply of Platinum over the next two years. This all means that demand for Platinum is set to be strong at this time of year. One possible area to rejoin this move, if you are not already in, is any retracement to the area marked on the chart below.
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Reprinted from FXStreet，the copyright all reserved by the original author.
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