Mr. Market must have taken an enema... or maybe it was food poisoning. What else can explain the behavior of the platinum market?
This metal has a tiny supply and is a critical material, trading historically cheap to gold and palladium, as well as its own price history.
I feel highly confident that the downside risk from the current price of $802 is not below the $750 level. At the same time, the upside is in the multiples of $1000 with a logical and obtainable objective in the reasonable near term in the $1200s.
To me, the risk reward is highly favorable and whatever is happening with Mr. Market’s bowels, I would suggest he must have a case of some kind of food poisoning, and when that ultimately and rationally gets resolved this market will be dramatically higher.