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Gold/Mining/Energy : Platinum PRICE monitor--genesis Nov 2002
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From: IngotWeTrust2/3/2014 10:25:24 AM
   of 186
 
Mitsubishi weighs in, says "sponge market pricing is getting tighter."

Mitsubishi: Platinum Prices Softer Since Strikes; Sponge Market Tightening
Monday February 3, 2014 8:32 AM

So far, platinum prices have not benefitted from a strike against the major South African producers, although the metal ran up ahead of time. Still, there are signs of tightening in the sponge (platinum in power-like form) market that would be supportive, although platinum could also suffer if gold falls again, says Mitsubishi Corp.

Platinum fell last week despite the South African industry losing some 10,000 ounces of platinum output per day, as prices came under pressure from a decline in gold, says Mitsubishi. “We assume that producers have sufficient platinum inventories to last for several weeks – anticipation that these will keep the market adequately supplied through the strikes helps explain the lack of upwards price action to date,” the firm says. “However, we note that the recent tightening of the platinum sponge market indicates that industrial users may be mindful of possible supply interruptions.”

By Allen Sykora of Kitco News

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So the ole buy the rumor (of a strike) --sell the fact (actual strike occurring) group think still works. In 2014 no less.

Whuddathunk? -g-

BTW...the spread is back to a more "normal" $140-ish from the highlighted $204 highlighted in the immediately prior posting. Nice $60-ish clip by the arb/spread trader community.

When it works, it works. It is what it is.
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