PLATINUM UP NEARLY 3 PERCENT; NATIONS WANT PEACEFUL RESOLUTION WITH IRAN
As mentioned in the Morning Gold & Silver Market Report, Platinum was heavily affected today after Anglo American Platinum, the number one Platinum producer in South Africa, was forced to shut down some operations by machete-wielding strikers. The metal rose nearly 3 percent for the day due to supply concerns after the news was announced. Frank McGhee at Integrated Brokerage Services LLC, said, "Platinum’s rally is very strike-specific at this point, and it may pull back when the supply worries are over, as Platinum is now getting significantly overdone.” Gold retreated for the day as profit taking continued since the metal has experienced an 8.5 percent increase since August. The market foresees the Federal Reserve announcing further stimulus for the American economy tomorrow, which has caused little movement in both Gold and Silver today.
Both Russia and China are on board to join the United States, France, Germany and Britain in drafting a resolution at the U.N. nuclear agency to reproach Iran over its exposed uranium enhancement program. The objective is to create a peaceful decision amongst the nations that would not instigate a new Middle East war. Iran has stated that their intention is to produce electricity and not bombs, but if the refined uranium is enriched to a higher degree it could actually supply the explosive core for a nuclear warhead.
At 5:12 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,732.20, Down $1.70.
- Silver, $33.31, Down $0.27.
- Platinum, $1,646.90, Up $38.90.
- Palladium, $678.10, Up $3.20.
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