STABLE DAY FOR PRECIOUS METALS; INVESTORS ACQUIRE RECORD HOLDINGS OF PLATINUM
Precious Metals prices remain flat following today’s trends. The small movement came after a decrease in crude oil by almost 4 percent for the day along with the Bank of Japan’ confirmation of further easing measures to improve the country’s economy. Stephen Platt at Archer Financial Services said, “Amid the crude oil break, Gold is holding on to a tight range. The metal is torn by an easier U.S. money policy and some caution about when the ECB is going to turn on the monetary spigot with its bond purchases.” The price drop in oil came from sell-offs as Saudi Arabia is attempting to control prices and liquidation has begun from Hurricane Isaac increasing U.S. crude inventories. “People are thinking that maybe the Saudis are going to produce more, and some funds are taking the opportunity to liquidate positions,” said Christopher Bellew at Jefferies Bache.
Platinum holdings have significantly increased with investors feeling uneasy about the supply interruption that occurred at Lonmin’s Marikana mine in South Africa. The miners are scheduled to return to work tomorrow after coming to an agreement yesterday on a pay raise. David Lennox, a resource analyst at Fat Prophets, said, “What’s happened in South Africa has been the prime driver, but there would have been a rub off from what happened in terms of quantitative easing. People have also taken the opportunity to run into platinum on the back of the discount to Gold.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1771.80, Up $1.60.
- Silver, $34.65, Down $0.08.
- Platinum, $1641.80, Up $4.50.
- Palladium, $671.50, Up $4.20.
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