David Fuller's view I sold my palladium (weekly & daily) long this afternoon, at $705.60, against my purchase at $671.15 on 8th January. These prices include all spread-bet dealing costs. This continues my recent policy of taking short-term trading profits in the precious metals sector, mainly in the currently more fashionable palladium and platinum (weekly & daily), which have attracted additional interest due to a strengthening automobile sector which uses them in catalytic converters.

Incidentally, platinum's break above its December high today is technically and psychologically important because it has removed pressure from the lower side of its nearly 4-month trading band. Some people may conclude, since palladium in November & platinum in January encountered support from the lower side of their ranges, gold and silver may be doing so as well, albeit somewhat slower. Meanwhile, gold is halfway through the 17th month of what I think is another lengthy reaction and consolidation phase in response to 2011's very strong gains. Similar and earlier pauses by gold averaged about 21 months before the highs were challenged and exceeded during this ongoing secular bull trend.