The eventual rebound in the auto industry, demand from Chinese consumers, the likely uptick in investor demand, combined with the inherent scarcity of the the metal and its high cost of production, make for a very attractive investment in Platinum. For full story, click here
As per Alison Turner of Blue Oar Securities, the current strength in platinum reflects it hitching a ride on gold. For full story, click here
Platinum is less than half the price it was a year ago, and the price differential with gold has come down to almost zero. For full story, click here
High prices of gold in India are forcing buyers of the precious metal these days to shift loyalties and buy platinum. For more information, click here
Premium Exploration Inc. reported today that the PGM anomalies previously reported at the Chrome Mountain PGM project were formed by the same type of processes that formed the Platreef PGM deposits in South Africa.
Colossus Minerals Inc. announced results including 7.88 metres of 406g/t gold, 98.4g/t platinum, 115.7g/t palladium, 2.74g/t rhodium, and 1.52g/t iridium at a depth of 252 metres. The Serra Pelada project is located in Para State, Brazil. These results are not true width and the release indicates that true width is not known.
Platinum has bounced more than 30 percent since plunging to a five-year low of approximately $732 an ounce in October. This ascent is occurring despite the absence of physical buying from the industrial sector. This rebound, without appropriate technical recovery is puzzling analysts.
Platinum showed extreme volatility in 2008, rising to an all-time high of $2,290 an ounce in March on the back of a power shortage in major producer South Africa, before falling to a five-year low of $732.50 in October.
Platinum has shed 45 per cent of its value in just nine months. Last Friday the spot price of platinum hit a low of $812.75 per oz. Now, for this first time in 12 years gold has surpassed platinum in value.
The sharp retreat of the stock market, combined with a higher US dollar has triggered a broad sell-off in the precious metals. Spot platinum slipped to a session low of $794.50 an ounce, down 8.8 per cent from $871.50 an ounce late on Friday.
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