So far, they have all been moving smoothly and are on track.
Even with my Red Hot Storm Trades, these predictions have helped us generate over 200% in gains in the first quarter of 2019.
Over the weekend, I went to find my next resource metal with upside potential. Instead, I found the total opposite.
Here’s how we can profit from it.
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Demand is slowing down for diesel powered cars – which is bad for platinum
We’ve seen a reduction in the automotive sector recently.
When it comes to diesel powered cars, platinum is the primary use for catalytic converters. And with petrol-engine cars, palladium is the main use for exhaust scrubbers.
We are now seeing a decline in demand for diesel powered cars, as there are restrictions in some European cities. With these restrictions, you can expect the demand for petrol powered cars to drop further. which will have a negative impact on the platinum price.
China and other regions are buying less jewellery
With the geopolitical concerns with the US dollar and the trade war with the US and China, this continues to add stress on the demand for jewelry.
In fact, in the World Platinum Investment Council (WPICs report), it was stated that supply will drop to 7.91 million ounces this year mainly in South Africa, Russia and Zimbabwe. The council expects a 10% drop in jewellery recycling, which will continue to cause a decline in platinum output.
The chart is also showing bad news for platinum
The chart shows a Continuation Box pattern (White lines) between a high of $870 and a low of $780. Once the price breaks below the box at $780, we can expect the price to drop to a target of $690.
This is similar to what happened in the previous Continuation Box pattern in the above chart.
Now I expect history to repeat itself, and we can then take advantage of the downside to come.
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How we can profit from the drop in platinum’s price
Once the platinum price drops below the box at $770, this will cause the momentum of the sellers to increase.
When this happens, the sellers will continue to bring the platinum price down, which could cause a few companies on the JSE to drop as well.
I’m talking about companies like Anglo Plats, Impala Platinum and even Eastern Platinum, which we can short (sell) and profit from in the near future.
“Wisdom yields Wealth”
Analyst, Red Hot Storm Trader