What is ahead for Platinum?
Platinum, once prized with value due to its rarity, has become one of the worst performers of the precious metals. So far this year, the metal used as an auto catalyst has shed 46% of its value.
Articles Tagged "tokyo commodity exchange"
Platinum’s rollercoaster ride
Platinum was up on Monday, reversing some of last weeks huge losses. The metal used in the auto industry continued its rise on Tuesday, but later in the day experienced losses. Platinum’s rise from its 3 1/2 year low came as crude oil prices advanced, encouraging investors to buy commodities including precious metals.
Analysts see light at the end of the tunnel for platinum
Platinum plunged to a new low on Tuesday, dropping below $1000 an ounce for the first time since 2006. Platinum dropped $96.00, or 8.8%, to hit $994 on the London Metal Exchange. At its current price platinum is down 57% from its record high of $2301.50 hit on March 4th.
Economic woes hit platinum
Platinum is following the recent base metal trend, a round of selling, as fears about the health of the US economy were reignited by the Lehman Bankruptcy. Oil, base metals such as copper, European equities, and U.S. stock futures all slipped sharply on the news.
US platinum slips on dollar’s rebound,Tokyo platinum up
Platinum prices slipped on Monday as the U.S. dollar resumed its rebound against the euro and the pound. Platinum is often used by investors as a hedge against a weakening dollar, so the dollar's recovery has made the metals less attractive.
