It is another bad week for precious metals, with platinum leading the way down for the 12th month in 13. The metal is now testing a 15-year trend line, having given up three quarters of the 2008-11 rally, and things are still not looking good while the ratio to gold, at 88.7 ounces, is almost at its lowest in 30 years. Allow for a little hesitation above US$1,000 for two or three weeks, then it is likely to fall to the measured targets, based on the height of the large triangle and the neat rectangle. All aspects of the Ichimoku cloud system, including the moving averages, continue to support this bearish view and should eventually push gold below key support at around US$1,140.