Bearish platinum, but friendly silver (for a change)?
Bullion Bank Doubles Down
Doubling Down On a Platinum Bear Call
"ETF flows remain flat while speculative length surges—this is not a structural bull market."
Background
For as long as we can remember, a certain bank had been telling clients to Buy Gold and ignore Silver (perhaps even short it as a paired-trade) with no real public-facing opinion on Platinum.
They were right for years. But not lately.
Then things changed in the wake of a vicious Platinum run above $1300. White metals came alive. And the hate for Silver stopped as Platinum got that bank’s attention.
Platinum: Goldman Asks if Rally is Structural or Temporary
They called that rally as something to not be married to in mid June:
Now that bank is reiterating its bearish opinion with solid reasons for it while almost ignoring the Silver rally.
The Bank is thus doubling down on its bearish call citing structural headwinds and weak fundamentals as being more important than some short covering and speculative froth. They also now note Silver’s strength but are seemingly unperturbed by it.