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I continue to like the PPLT chart very much. The only thing that is standing in the way of PPLT from surging to $140 is the chip shortage since Platinum is used by the Auto makers and the more cars that are produced, the more Platinum will be used.
I bought some 2x gold for my longer term portfolio this morning. I also looked at PALL and PPLT. The fact that so much of their fortune is tied to ICE engines makes me hesitant to favor them over gold. IMO they are more of industrial auto metals than precious metals.
As to why one should care about whether or not PPLT is a precious metal, it is because it will help you (at least it helps me) predict where the price will be. So while the price movement is the most important factor, it is not the only factor or we'd never have gap moves in anything.
I use mostly technicals, primarily Elliot Wave to determine price. I do look at some fundamentals, insider buying and balance sheet to see if it confirms my technical outlook. If it doesn't confirm, I won't take a position.
I am very choosy about initiating positions, long and short. If I am lax, I will likely pay the price.
I think I will buy some, because I trust Blackrock and also the chart looks good. But I gotta tell you that there is very little info on the fund. Neither ETF.com nor ETFDB.com has any info on it. The only source I found was blackrock itself and they are relatively quiet about how the sausage is made.