Platinum fell today, the most in four months on speculation
that demand from the auto industry would drop, since that is where
it is mostly consumed, while output has stabilized. Palladium also
dropped. Platinum closed at $1,630.00, down by $106.00, and
Palladium closed at $365.00, down $14.00 as of the NYME close on
August 1, 2008.
U.S. auto sales remained at the lowest annual rate in 15 years,
in July 2008. That fueled concerns that demand will decline for
platinum and palladium for auto-emissions control parts. Production
in South Africa, the source of 78 % of the world’s supply, has stabilized
after power shortages disrupted mines in January. As of August 1,
2008 the production of Platinum was reported at 36,282 ounces.
The rout in the platinum group of metals continues to unfold …
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