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Platinum prices at risk of more price weakness

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NEW YORK (Scrap Register): Platinum, the weakest of the precious metals, is at the risk of more losses if momentum-based selling from Commodity Trading Advisers occurs, said TD Securities.

This threat exists despite gains in gold during recent months. In contrast, CTAs trading platinum — who have just recently completed a round of short covering — could be whipsawed, as prices will need to close above $800/oz to avoid systematic algorithmic selling in response to firming downward momentum, TDS added.

“We suspect that discretionary managers sold into the trend-follower interest, suggesting that the most-hated precious metal still has some haters after all,” TDS noted.

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