The platinum market has been on a tear lately, mirroring the broader frenzy in precious metals that has gotten everyone from day traders to institutional investors buzzing. Right now, these markets look seriously overextended, with prices surging way past their fundamentals in a classic case of momentum chasing. Take platinum itself—its nearby futures continuous chart price traded at $2,128.0, which is comfortably above the 50-day simple moving average (blue) and approaching its all-time high in 2008 of $2,308.8.
