Platinum was mixed on Thursday, July platinum rose $2.40 to $1,207.60 an ounce, while September palladium declined $3.35 to $239.70. The drop in the three month contract price was related to declining crude oil. Last week, prices of both platinum and palladium climbed to their highest levels since November 2008-
Continue reading "Platinum gets mixed response as crude oil drops"
Friday, June 5, 2009
Platinum prices, already on the positive track, got a boost this week from declining greenback and the announcement of GM’s Bankruptcy. GM’s bankruptcy is by no means a positive for platinum, as the auto industry accounts for approximately half of global platinum demand; however, platinum’s price has been reflecting the impending bankruptcy for many weeks.
Continue reading "GM bankruptcy lends relief to platinum"
Wednesday, March 18, 2009
Monday’s equity market rally switched precious metals to a negative track. As equities rose, the precious metals were less enticing to investors, and this was reflected in their value. Platinum for April delivery ended the session in New York down $14.20 to $1,049.40 per troy ounce.
Continue reading "Equity rally bad news for platinum"
Tuesday, December 16, 2008
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.
Continue reading "Gold exceeds platinum in value"
Tuesday, December 2, 2008
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.
Continue reading "Greenback’s gain triggers precious metals sell-off"
Tuesday, August 19, 2008
It was a tough day on the markets for the precious metals. Platinum plunged the furthest, at 6 percent, while gold dropped more than 2 percent and silver by 5 percent. The drop was instigated earlier in the session as economic worries prompted Asian traders to sell off metals.
Continue reading "Platinum gets hit by double whammy; plunges"
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Thursday, June 18, 2009