David Fuller's view

Brexit crisis?  That’s the sentiment and every forex trader is short GBPUSD, which makes it a classic contrary indicator, subject to timing.  I opened a long this afternoon at GBPUSD 14049.8 in the December contract and I have further bids beneath the market.

I also added to my Platinum longs this afternoon, paying $988.8 and $978 for July contracts.  People are ignoring Platinum, viewing it as an industrial metal facing cutbacks in catalytic converter usage.  Shades of Silver approximately a couple of decades ago.  People said Silver was “finished” because digital photography was taking over as Eastman Kodak headed towards bankruptcy.  Platinum has been a precious metal in short supply for centuries, and it has usually traded at a premium to gold.  All that is required is patience until that happens again.   

Stop Press – With GBP/USD rallying sharply on an improved poll for the Remain side of the Brexit debate, I closed my GBP/USD long this evening at 14218.  Volatile Silver’s reaction from today's high has temporarily capped the rally and a close above $18 will be required to reaffirm higher scope.