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Platinum Bullion Stocks To Be Completely Depleted?
MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,228.15, EUR 1,079.41 and GBP 784.12 per ounce.
Friday’s AM LBMA Gold Price was USD 1,216.30, EUR 1,071.23 and GBP 772.95 per ounce.
- Gold in USD - 1 Week
Gold climbed $3.10 or 0.25 percent to $1,224.90 an ounce on Friday, and silver rose $0.10 or 0.57 percent to $17.53 an ounce.
Gold and silver both performed strongly for the week - gold gained 3 percent and silver outperformed once again and surged 6.4 percent.
Gold in Singapore rose to $1,232.20 an ounce near the end of day trading - its highest price since February. In London, gold climbed for its fifth consecutive session making it the longest winning streak since March.
- Gold in GBP - 1 Week
Silver was up 1.3 percent at $17.80 an ounce, while platinum was up 0.4 percent at $1,174.50 an ounce and palladium was flat at $795 an ounce.
Asian shares were mixed as are European shares today on Grexit and bond market jitters. These risks do not appear likely to recede anytime soon and this should keep gold supported. The weaker dollar and expectations that the U.S. Fed will not raise interest rates in June is also supporting the precious metals.
- Gold in EUR - 1 Week
Recent poor economic data is leading to concerns about the health of the U.S. economy as U.S. share prices look “toppy” and remain near historic all time record highs.
The U.S. FOMC April meeting minutes are released on Wednesday and may provide further clues on the possible timing of the Fed’s first interest rate hike in ten years.
Norilsk Nickel and other investors aim to complete a purchase of palladium bullion from Russia's central bank by the end of 2015, deputy chief executive Pavel Fedorov said today. It outlined the deal last year and is still working to get it done.
London Platinum Week kicks off today after a few preliminary events over the weekend.
At the opening of the annual industry gathering, the World Platinum Investment Council said in a report it expected the platinum market deficit to shrink this year and platinum stockpiles to reach the lowest level in at least 10 years.
Above-ground stocks will fall to a very small 2.6 million oz in 2015, according to the WPIC. That compares with a peak of 4.5m in 2010, 2011, Director of Research Trevor Raymond told Bloomberg on the phone.
The WPIC do not believe that platinum stocks will be completely depleted and reach zero because the amount includes long term holdings by private investors, sovereign wealth funds and hedge funds. It said that stocks typically held in vaults, excludes ETFs.
Overall demand is set to to grow 3% to 8.2million ounces. The market will see a deficit of 190,000 in 2015, down from earlier prediction of 235,000, report showed. Total supply should increase 10% to 8 million ounces. Mine supply is seen up 12% and autocatalyst recycling may rise 10%.
Reuters reports that producers, refiners, recyclers, traders, bullion brokers and analysts are gathering in the UK capital to make contacts, strike deals, and discuss the state of a market that has been weighed down by falling prices for much of the last year.
GoldCore are in attendance in London this week and available for meetings and interviews.
In late morning London trading gold is at $1,229.45 an ounce or up 0.48 percent. Silver is at $17.67 an ounce or has surged 1.14 percent and platinum is up 0.58 percent at $1,169.54 an ounce.
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ORO y PLATA. Pronosticos
www.aseperfi.com
Saludos
Juan Gajete
I remember DickTool of Sprott was hawking their Pt/Pd ETF a few years back stating that the prices of Pt and Pd were going through the roof because of all the demand from those Chinese vehicles.
You're going to have to sell your precious metals after the next crash.
The bankers won't have to. The billionaires won't have to. They will see it coming. You won't.
The Fed BTW is run by the banks not the government. What this website is talking about by calling the Fed central planning I can only speculate.
The bankers rig, rob, rape, and are beyond the markets ability to flush down the toilet. They are the market's worst enemy. The government is guilty of nothing except for being limp dick pussies b/c of a stupid apathetic public.
So WTF is Tyler talking about with this government "central planning" shit?
https://youtu.be/Y1ZxPxSD2Yo
Why do you keep posting the same comments and the same link? Trying to promote your site?
WPIC is probably just another propaganda disseminator like the WGC. Anyone who believes that either of these bodies provides a remotely accurate supply-demand picture is seriously deluded.
Remain calm! There is enough platinum for every man, woman, and child to have their own platinum record collection! Carry on!
Better get some APEs......
http://www.ebay.com/sch/i.html?_from=R40&_trksid=p2060353.m570.l1313.TR0...
If I had some... I wouldn't sell it.. Just saying..
Platinum is so rare that all of the platinum ever mined could fit into your living room.
The 10 Biggest Platinum Producers
http://metals.about.com/od/Top-10-Producers/tp/The-10-Biggest-Platinum-P...
The granite countertops in the kitchen really wowed the neighbors but wait until they get a load of this!
Sounds good on paper.
so now we can expect thugs to steal our catalytic converters in the dead of night.
That's what happened last time Platinum started to go up.
What a happy surprise that is when you fire up 'ol Betsy in the morning.
How much platinum is in a catalytic converter?
It might be worth wrapping my cordless sawzall in a towel then hitting a car dealership.
Usually around 1/10oz...depends on vehicle. A Mercedes S class will have more than a Kia Soul.
last time Pt started to go up, an infinite paper supply suddenly appeared to depress the price.
..thereby conclusively affirming the prevalence of a physical shortage.
Converter theft was a big thing a few years back when platinum/palladium took a big jump, but how can this be? Everyone knows that physical metals are an obsolete relic of a bygone era and fiat is so much better. It's all those EU types that are worried about the Euro turning into toilet paper. Don't they know the Euro is backed by the Sith lord Draghi?