Platinum holdings poised for record on mining disruption

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Published : September 13th, 2012
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The Economic Times, in its September 13, 2012 article, reports that Platinum holdings poised for record on mining disruption.

Extract :

 

 

 

 

SINGAPORE: Platinum assets in exchange-traded products (ETP) are poised to climb to a record as worsening labour unrest in South Africa, the world's largest producer, threatens supplies.

Prices surged to the highest level in five months. The amount held in ETPs was 45.727 tonne on Tuesday, 1.3% below the peak of 46.316 tonne in September 2011, according to data compiled by Bloomberg. Holdings have risen 8.7% since a strike began on August 10 at Lonmin's Marikana operations in a dispute that's led to more than 40 deaths. "All the characteristics of a store of value that you find in gold, you find in platinum as well, so investment flow will follow," said Dominic Schnider, global head of non-traditional assets at UBS's wealth-management unit, who predicts record ETP holdings. "You have a metal with shrinking supply, higher production costs, a more benign long-term supply outlook."

 

 

Read the rest of the article at The Economic Times
Data and Statistics for these countries : Singapore | South Africa | All
Gold and Silver Prices for these countries : Singapore | South Africa | All
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