David Fuller's view

My precious metals exposure was reduced when my gold futures long was stopped out at a slightly in-the-money level on 15^th July.  I do not like to pay up for precious metals and I wanted the same weighting because the cyclical outlook should be improving.  Also, I have silver which I regard as high-beta gold in terms of its performance.  Therefore I increased my platinum long today, paying $1490 for an October position, including the $2 dealing spread.  Spot platinum (daily & weekly) is short-term oversold and shows a developing base formation with rising lows since the end of last year.