The bulls still appear to have the most ammunition at the moment and seem set to test $600 sooner rather than later as concerns over the dollar, oil and geopolitical tension draw investors to the market.

Platinum looks set to test $1100/oz while a break above $298/oz would leave the way clear for palladium to test of $330/oz.

My dad told me he always set me on stuff. He rode bulls, too.

Neither bulls nor bears seem to be making any headway, unless you look at the Dow.

Buying overnight has lifted platinum back to $1 080/oz and the bullish mood in the metal looks set to test $1 100/oz in the coming sessions.

The combination of early closes, thin volumes and end-of-year book squaring are set to keep volatility high, but with gold set to close above $500/oz, the prospects of further gains in 2006 are looking very strong indeed.