Are you using hex codes for the color palette in the wysiwyg editor? I found you cannot use the Hex color codes in the wysiwyg editor palette. You have to use the
147 named colors.
When I tried hex codes it produced
Code:
[COLOR="rgb(75, 0, 130)"] placetexthere [COLOR]
when the color is picked.
It would be great if they'd change it so Hex codes could be used. Better compatibility across browsers and a whole lot more colors.