03.10.2014 - Platinum oversold as price tanks
It's rather remarkable in light of the year's events. The platinum price (January delivery) reached a five-year low Wednesday ($1,263/oz.) highlighting a precipitous few months for the precious metal, largely used in catalytic converters. The selloff in platinum - with ETF holdings dropping alongisde - started in August and has been relentless since. Platinum traded near $1,500/oz back in late July and early August, but it has since crumbled to under $1,300/oz. Many will recall that platinum climbed, if tentatively, on the back of a crushing strike in the South African platinum mining sector earlier in the year, which was eventually resolved but only after months of long-fruitless negotiation...............................................Full Article: Source
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