As precious metals markets continue to consolidate, new leadership is emerging. After the white hot palladium market suffered a severe pullback last week, its sister metal platinum hung tough. This week platinum is surging – boosted by traders unwinding their long palladium, short platinum positions.

Platinum prices rallied Thursday to a 10-month high. As of this Friday recording, the precious metal checks in at $900 per ounce on the heels of its best week of the year and is sporting a 5.5% weekly advance.