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."
|
|
