David Fuller's view Seeing firmness in precious metals this afternoon, led by platinum due to supply concerns and probably some short covering (see last Thursday's posting), I bought some palladium (weekly & daily) because it was lagging at the time. I paid $582.88, including spread-bet dealing costs, for a September position.


I now have long positions in all four of the futures-traded precious metals and am pondering tactics, not least because they all have ranging patterns. Obviously, I am hoping for upside breakouts and trending action. Seasonal factors favour recoveries and I would like to be in from the beginning. However, it has been a Sisyphean experience so far. Shades of Einstein's (allegedly) and Rita May Brown's memorable comment: "Insanity is doing the same thing over and over again but expecting a different result." Nevertheless, I don't think they were talking about markets and the bigger profits come from trend running, although one feels like a mug on seeing paper profits disappear during further ranging.