Prices are being driven up by hedge funds, which are buying platinum because its fundamentals are looking good. Platinum has been in deficit for the past six years, and it's expected it will be in deficit this year.
More Quotes from Yingxi Yu:
We expect the market to remain in consolidation mood for now, though thin trading conditions ahead of the long holiday weekend could well spark big price movements.Yingxi Yu
Gold is probably going to remain in a range-bound trade today and should find good support above 565 against an environment of high oil prices.
Yingxi Yu
Any price dip has been quite well supported by fund buying, and aggressive selling has been discouraged. The positive sentiment remains very strong and people are looking for further price gains.
Yingxi Yu
Impressive gains are seen in platinum and palladium, which are rising strongly above their recent ranges.
Yingxi Yu
The weaker (gold-dollar) correlation late last year and early this year was due to the overwhelming enthusiasm among the speculative community to drive prices higher.
Yingxi Yu
Short term price trends will continue to largely depend on gold.
Yingxi Yu
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