David Fuller's view I remain a big medium-term bull of precious metals but with recent rallies in gold and silver losing momentum and platinum (weekly & daily) technically overbought as well, I decided to stand aside this evening. I sold one-third of my October platinum longs at $1786.3 against its purchase at $1776.4 on 19th July and the other two-thirds at $1786.5 versus the purchase at $1775.4 on the 18th. These prices include all spread-bet dealing costs in platinum, currently $2 each way.

There is a risk that I have outsmarted myself and will end up repurchasing precious metals at higher levels. However, they could also react in the short-term if good news contagion (sic) prompts some of the fear-motivated buyers to stand aside. Seasonally, this is still a quiet time for precious metals although I would not be surprised to see persistent buying resume in September, if not before.