Platinum futures are currently trading at a large discount to Gold futures (approximately $ 170 per ounce), the largest discount in 30 years. The recent fall of platinum futures relative to gold was precipitated a few weeks ago by comments from the Fed Reserve about Operation Twist. This put fear into global investors which resulted in liquidation of commodity investments such as precious metals. According to the Commitment of Traders put out of the CFTC, positions are still net long for precious industrial metals like platinum, so we still believe that investments are net long into this week, just at a smaller scale, so based on this, we believe that the trend could continue to climb higher. We also believe that end-users are currently buying physical platinum because of its value in the jewelry industry vs. the current price of gold, is considered higher quality than gold. Historically, platinum futures have not stayed at a discount to gold futures for extended periods of time. In fact, back in September of 1982, platinum got to a $ 135 discount at the widest spread in recent 30 year history prior to this year, but by October it was already narrowing to $ 80-100 discount. According to Moore Research statistics, they usually expect Platinum prices during the month of October to bottom out and will start to gain on gold through the end of the year From now through the end of the year, we think that platinum futures will bottom out and then gain on gold futures.

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