I shorted platinum last night after a strong breakout from the up-trend (line shown). I should have added this morning, but wimped out — a mistake. Anyway, it is now running my way. The interesting thing is that large speculators are very long platinum (bright green line in the COT Net Position section of the charts below). If this downward move continues, there could be a lot of selling to be done. The same is true of oil, where speculators have not been shaken out as they were in previous reversals to $70.

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