Platinum And Palladium Rise On Supply Concerns – Zimbabwe Now

Tyler Durden's picture

From GoldCore

Platinum And Palladium Rise On Supply Concerns – Zimbabwe Now

Today’s AM fix was USD 1,648.00, EUR 1,223.55 and 1,054.59 GBP per ounce.
Yesterday’s AM fix was USD 1,641.75, EUR 1,225.28 and GBP 1,053.15 per ounce.

Silver is trading at $31.05/oz, €23.11/oz and £20.02/oz. Platinum is trading at $1,724.50/oz, palladium at $772.00/oz and rhodium at $1,200/oz.

Cross Currency and Precious Metal Table – (Bloomberg)

Gold rose $1.80 or 0.11% yesterday on closing at $1,651.50/oz. Silver slipped to $30.57 in London, but it then bounced higher and finished with a gain of 0.42%.

Gold and silver are marginally lower today while platinum and palladium have eked out further gains after the 1% gains seen yesterday. The Wall Street Journal reports that there was gold buying in Asia overnight with “bargain hunting helping to lift prices”.

Group of Seven policy makers roiled the currency and commodity markets they sought to calm amid conflicting messages on how much of an economic threat is posed by currency wars. 

The G7 sought to focus attention on the narrow issue of recent yen weakness rather than the more substantial issue of global currency wars in the form of QE ‘to infinity’, competitive currency devaluations, currency pegs and currency debasement.

As long as the G7 continue to obfuscate and fail to address the real risk from actual currency wars and an escalation of currency and gold wars then financial and monetary tensions are set to deepen which will support many non paper assets and the precious metals. 

Russia’s jump in gold mining output may see it pass the U.S. as the 3rd largest gold miner by 2015, said Sergei Kashuba, head of the Russian Gold Industrialists' Union, said on Tuesday. 

Platinum and palladium surged Tuesday on renewed concerns that supplies of the platinum group metals will shrink.

Platinum Spot $/oz, 16FEB03-13FEB13 – (Bloomberg)

Zimbabwe's government has given platinum producers two years to begin refining the precious metals in Zimbabwe. 

This means that production of platinum will drop, because mining companies are now expected to build refineries – something which they may not do, due to the real risk of confiscation and nationalisation of assets.

Palladium Spot $/oz, 29OCT95-13FEB13 – (Bloomberg)

Both metals climbed more than 1% yesterday with platinum for April delivery rising $21.10 to settle at $1,717.2/oz. Palladium for March delivery rose $12.80 to $771.40/oz.

"The worry is that it's going to restrict production," said James Steel, chief commodities analyst at HSBC in New York. "That was the prime motivator for the price movement today."

Platinum-group metals are widely used to make catalytic converters that filter car exhausts, in jewellery where increasing demand has been seen in Asia and in many military applications.

The majority of the world's platinum reserves are found in just one country, South Africa. But neighboring Zimbabwe also sits on large reserves.

Similar resource nationalism in other countries in Africa, South America and Russia could lead to serious supply issues which mean that the fundamentals of the platinum group metals remain sound.

Both remain well below their record nominal highs and way below their inflation adjusted highs.

The PGM metals are more volatile than gold and therefore merit a lesser allocation of one’s wealth but platinum and palladium coins and bars remain a prudent diversification for anyone wishing to preserve and grow wealth in the coming years.


G7 Fails To Defuse Currency Tensions – The Financial Times

Palladium hits 17-mth peak, gold off 1-mth low - Reuters

Gold, Precious Metals Higher on Bargain Hunting in Asia – Wall Street Journal

Platinum’s Premium to Gold Widens to 17-Month High on Zimbabwe - Bloomberg


They Bought Gold and Silver and Stored It Overseas – Zero Hedge

The EU Crisis is Back and Will Be Getting Worse in the Coming Weeks – Investment Watch Blog

Why Are Russia And China Hoarding So Much Gold? – ETF Daily News

Keiser Report: Debt Junkie Nation - Max Keiser

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GetZeeGold's picture



They trade gold for bread over there......cause you can't eat gold and they no longer accept the local fiat.

MillionDollarBonus_'s picture

Apart from gold and silver, platinum and palladium are the biggest bubbles in all of history. The industrial uses for these 'precious metals' are becoming increasingly sparse as more and more alternatives come on to the market, much to the horror of precious metals cultists. The reality is that precious metals are not an investment. They are an obsession, fueling the fantasies and dreams of a group of sick masochistic cultists who can dream of nothing but financial collapse and world domination.

GMadScientist's picture

Alright, how about Lanthanum and Neodymium then, Oh Meeeelion Dollar Chucklehead_?

Jack Sheet's picture

My good man, you are such a terrible bore.

Sudden Debt's picture

Maybe your boyfriend schould do all the talking from now on...

thisandthat's picture

Yeah, I'm sure anyone who invested in the 2008 plunge is really concerned with bubbles right now - I'm mean, champagne bubbles, that is...

MeelionDollerBogus's picture

Aren’t you contradicting yourself about your precious Obama green energy plans which need catalytic converters & fuel-cell membranes all using platinum and palladium?

machineh's picture


Zimbabwe's government has given platinum producers two years to begin refining the precious metals in Zimbabwe. Mining companies are now expected to build refineries – something which they may not do, due to the real risk of confiscation and nationalisation of assets.

Zimbabwe probably got this bright idea from the widow Kirchner in Argentina. First she accused YPF of not investing enough in domestic energy production (reasonably enough, since government-regulated prices are far below market). Then she seized the company.

The Gideon Gono prize, comrades: many are eligible, but only a lucky few are winners! (Keep trying, Ben.)

SWRichmond's picture

Yes, please use your private resources to build a productive asset cash-cow, then we can steal it from you.

Asset-stripping is not only the realm of banksters.

new game's picture


the manipulation is quite trying - true test of fortitude.

as long as the dollar remain in control, the manipulation will continue

just a hedge - no more no less; no get rich scheme.



yogibear's picture

Zimbabwe, Bubble Bernanke and the Fed's following their economic model.

Acidtest Dummy's picture

Platinum makes nice jewelery it looks much cleaner than gold. Unfortunatly it is sometimes alloyed with cobalt which can cause allergic reactions for some people.

earleflorida's picture

aliitle nostalia...

who is glencore? and, where have they been hiding Marc Rich?