Platinum Investment Market News

Friday 1st February 2008

The Platinum market was setting record highs today by reaching $1744. In line with the record highs set by Gold the Platinum Metal Price seems to have lunged upwards after the Fed 1/2 point rate cut. As with Gold the weakness in the Dollar also helped push Platinum into the record breaking territory. Palladium has also reached highs not seen for almost 2 years following in the footsteps of Platinum and Gold prices and increasing by around 2.5%-3% then settling about 1.5% up.

Power supply problem in South Africa Platinum Mines

The power supply problems for the Platinum mines in South Africa have probably bolstered Platinum prices the most today. South Africa produces around 3/4 of the worlds platinum metal, therefore South African power supply problems will definately affect Platinum supply. Promises have been made to restore power supply to South African Coal, Platinum and other precious metal mines, but the affect on the Platinum market is far from over.