Platinum Hits Five Month High as Gold Jumps

Reuters reported platinum outperformed gold on Wednesday as the white metal rose to a five month high on supply concerns regarding the strike in South Africa.

As quoted in the market news:

Platinum prices rallied to a five-month high at $1,723.50 an ounce, lifted by ongoing labor unrest at one of the world’s biggest platinum mine Rustenburg in South Africa owned by Implats Platinum.

Bill O’Neill, partner of commodities investment firm LOGIC Advisor, said that the supply woes are likely to exacerbate platinum’s market deficit in 2012, and the price of platinum could exceed that of gold very soon.

Click here to read the full Reuters report.