Is it time to lighten up on the precious metal trade? Very tricky question. The gold rally has been relatively orderly - but silver and platinum have been anything but. Oddly, shares outstanding in silver ETFs have not grown rapidly, suggesting that price movement is not as retail driven as I suspected. The other option is that central banks have decided to diversify from gold into "cheaper" options. Is possible, and if this is the case - then platinum still looks way to cheap. Historical platinum has traded at premium to gold, which leaves room for it to double again.