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Why a precious metal investor turned bullish on platinum

Kitco News

The same forces driving gold and silver are now driving platinum, said Todd "Bubba" Horwitz who spoke to Kitco on Thursday.

"We need a place to put some money in a hard asset that has a chance to act almost as a currency," said Horwitz.

Horwitz said he was short platinum until about three weeks ago. He is forecasting the metal to hit $1,100 or $1,200. As of noon ET Friday, the precious metals were selling off: October platinum was trading at $969.10, down 4.42% on the day.

Horwitz said platinum displayed a "sharp pattern change" after a straight downtrend.

"When you're trading price, you want to go with the path of least resistance for the win.

"Once some markets start to turn either direction, they'll attract new money that'll force [the markets] higher and then obviously attracts more new buyers and less panic."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.