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00:00All right it's time right now for charting futures and Abigail Doolittle is here on another day with record highs for stocks but a divergence to the downside for commodities. Abigail . Well we're I mean it really is pretty interesting because of course we do have this phase one trade deal signing between the U.S. and China. We have stocks at all time highs. So suddenly not a sell the news moment even if investors wanted a little bit more. But where traders and investors may have wanted more commodities take a look at the Bloomberg Commodity Index down about four tenths of one percent. So not a huge decline. New York crude and copper down just slightly. China is of course the world's biggest user of natural resources. And the details are not so strong especially for crops. You can see soybeans down one point four per cent however where we have a shining bright spot in the commodity complex . Let's take a look at platinum. This is a two day chart that we have here up 4.5 percent at the high. At that point on pace for its best day since 2012. Right now at the highest level since 2017. It's hard to know what's driving this. There really isn't any news out on platinum but it is often considered be a haven asset. So you could say that some of the smart early traders out there perhaps are looking for some safety even as we have stocks that these record highs are talking more about this . I'd like to bring in Rick Benz ignore the Bensinger Group . And you're also of course a former chief investment officer at strategist at Morgan Stanley. Great. Happy to have you here . So what do you think about that huge move up. So as you said new news on platinum today. Markets up 4 percent. Traders are saying something. I don't buy something like that. Bloomberg Best day in eight years 12 seats. This is why we focus on the behavioral side of the market. And if you look at what's going on today you're actually seeing a breakout from the downtrend line from all time highs. You came in right around the thousands and we stole their earlier a month ago we pulled back . We've come back the polls and today we explode through. So let's put this in the context of a longer term chart and talk to us about how much higher you think that we could in fact see platinum go to as we get to this chart. You can see we're just kind of breaking out here the beginning of a very beginning of the breakdown. You can see there's some prior highs here where we could run into some resistance a little higher. But if this breaks out more you're talking about eleven forty is the first stop in and 13 thirty afterwards. So I think platinum has 10 to 30 percent to go before it's really going to run into some trouble some long term resistance. But the move now is to the upside. And it's history certainly suggests that there's quite a bit of upside . Twenty two hundred dollars per Troy R3 actually. Twenty three it looks like. So what's now bringing gold into the conversation. Take a look at the gold platinum ratio because it also suggests that we could see some more strength for platinum in the near-term. So if you go back here in 2012 gold had shot above a 1 to 1 ratio with platinum and put it pull back down . But then in 2015 it broke out to the upside. And you can see it never got back to me that roughly 1 1 point 1 5 level and then exploded as far as almost one point eight really dominating really dominate. So platinum had always been the most precious precious metals since 2015. Gold took its place six months ago . Palladium took cold place because it's now over two thousand dollars an ounce . But if you're seeing a shift between platinum and gold now potentially in favor of platinum I think you want to think about if you're going to pick a precious metal to be long time to take a look at platinum Zac Fencing north of the banks group. Thank you so much for joining us. Our chatting features. Thanks for sharing your trading strategy .

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Why It May Be Time to Take a Look at Platinum

In this edition of "Charting Futures," Rick Bensignor, chief executive officer of Bensignor Investment Strategies, examines platinum prices with Bloomberg's Abigail Doolittle on "Bloomberg Markets: The Close." (Source: Bloomberg)

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