Eoin Treacy's view Since I did not buy gold when it found support in the region of its 200-day MA, I had been waiting for it to breakout before initiating a precious metal long. My intention had been to purchase silver but now feel it has gone too far to justify paying up for it. Instead I bought platinum, which is breaking upwards from its four-month range, paying $1618.30 for the January contract.

I was unwilling to sit through another drawdown on my ill-timed oil long so on seeing it rally from it lows yesterday, I placed a stop at $74.95 which was triggered today against my purchase at $76.94 on August 18th.