The PGM metals — platinum and palladium — are typically highly correlated assets. However, since February of this year, they have diverged, with palladium pushing toward the highs while platinum has languished.
Gold opened with a gain of $25 at $1,688 the ounce and silver started the midweek session off with a three-quarter dollar rise to the $32.89 level. But the big gainer on the day was platinum, which showed a $30 lift to $1,544.
The recovery process got a bit tougher in precious metals overnight as global investors once again sought refuge under the umbrella of the US dollar. Midweek gold trading session opened with minor losses of about $4 per ounce.
If you're looking for rarity in the gold market, December 2005 is it. The last time the gold price averaged more than this month's average to date was a quarter century ago. Meanwhile, the gold-oil ratio has finally broken through a key resistance line as it reverts to the mean.