South Africa’s rand snapped a four- day decline against the dollar as higher prices for gold and platinum, the nation’s biggest export earners, boosted revenue prospects for the world’s largest producer of precious metals.
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Platinum prices may be supported going forward by reduced mine output in South Africa.
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Immediate-delivery platinum gained 1.8 percent to $814.50 an ounce.
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As compared with the average of last 30 years, real and nominal prices of platinum is forecast to rule at sharply elevated levels over the next 10 years to 2017.
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Nominal platinum prices are projected to average $1,563/oz during the forecast period, up about three times over the average nominal price between 1976 and 2007.
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Real platinum prices (in 2007 dollars) are expected to average $1,343 an ounce between 2008 and 2017, the forecast period.
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Platinum prices are not expected to rise in 2009, but as the economy perks up and automakers start selling cars again, platinum prices will rise. Before that happens, though, platinum could fall further.
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Platinum prices have fallen from a high around $2250/ounce to about $955/ounce.
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Anglo American Plc rose 0.8 percent to $9.
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Norilsk Nickel says nickel, platinum and palladium output to fall this year from previously planned levels. Plans to cut copper output next year only, while further falls expected in platinum and palladium.
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Thursday, February 19, 2009