GoldFix PM: Is China's Hunt Brother Buying Platinum Now?
And Will Silver be Next?
Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.
Contents
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat
Market Recap as warranted
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat:
Market Recap:
Great day for Metals. Our own Platinum trade was 3/4 closed out, and we will let the rest run. Looking for an entry to add to existing Silver position now1.
Platinum has to be considered overbought right now. But every new high will be met with more impulsive buying. Watch for the behavior that we witnessed for years in gold to now spread to other metals.
Please remember many of the Shanghai traders are momentum oriented. Means if a market is up during US hours then they will probably buy it during China's hours. If a market is down during US hours, they will probably still also buy it, just not as aggressively.
Chinese traders have moved on from gold and are looking at other metals as being undervalued. Platinum is the one that they want to move now.
We would add an educated guess right now as well. Last year we identified the Chinese trader that we dubbed the Chinese hunt brother who took on JP Morgan head to head and won.
About two months ago he made it known that he was acquiring a copper position. We noted that and reported on it. We happen to think he wasn't just buying copper.
Good Night
Seriously thinking about adding to Bitcoin as well