Why a precious metal investor turned bullish on platinum
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."