We spend a lot of time and energy in the Market Gage blog discussing the economic factors that move the needle in the gold market, but what about our industrial metal cousins, platinum and palladium? We ask because, as it turns out, there is a newsworthy event that has just occurred in the platinum marketplace.
As reported by Mining.com, investors saw a quick jump in prices (+1.6% to $1,058.70/oz) yesterday in the platinum market and it had nothing to do with demand, but rather supply. Specifically, there will be less output of it for a while. It turns out that one of the top platinum producing mines run by Anglo American Platinum (Amplats) is being forced to shut down one of its five operating smelters for furnace maintenance. The stoppage is expected to last at least four months.
Effect on the platinum market was immediate, but that doesn’t mean this industrial metal’s spot prices will be impacted long-term. However, platinum is up 22% on the year with yields expected to meet or exceed 2016 predictions right down the line.
So what’s up with the market this morning? Here’s the look at press time:
- Gold– Experiencing a bit of a lift, sitting at the mid-$1,320s
- Silver– Resting nicely above $19 an ounce
- Platinum– Has settled back a bit after yesterday’s flurry to the upper $1,030s.
- PalladiumFlat in the mid-$650s.
Hope you enjoyed the change of scenery. Here’s to a productive Wednesday!
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