Skip to comments.US platinum aims for $1,900, gold up on funds
Posted on 02/08/2008 4:08:43 PM PST by bjs1779
NEW YORK, Feb 8 (Reuters) - U.S. platinum futures rallied toward $1,900 on Friday on the back of a supply squeeze due to ongoing mining issues in top producer South Africa, while gold contracts also rose sharply on strong buying by commodity funds. Market watchers had forecast that the global platinum market to be in a slight deficit, even before a power crisis in South Africa crippled mining operations in the world's largest precious metals producer. The country accounts for about 80 percent of the world's output. James Moore, analyst at TheBullionDesk.com in London, told clients in a note that supply concerns caused by power disruptions in South Africa should continue to bolster the platinum market. "Given the tight fundamentals, the metal could easily be squeezed to $2,000 an ounce, with dips for now still being viewed as buying opportunities," Moore said.
(Excerpt) Read more at reuters.com ...
Considering I’ve never seen Kansas perform an emissions test, mighty tempting.
I first noticed that they were being stolen 500 dollars ago.
Gold is going up
What cost $800 in 1980 would cost $2257.14 in 2007.
So gold at $800 an oz in 1980, is now a bargin at $800 an oz today?
Sorry, I think the article was mainly about platinum. What was the price of platinum in 1980? I assure you that we will get to gold later though.
Ya, it’s just all the metal bugs sing about what a deal metal is but fail note the effect of inflation/devaluaton.
I had the figures for gold at hand & so used thos.
Not an attempt to thread hijack.....