Platinum Spot price was at $1,160.50 an ounce at 1340 GMT last Friday Platinum producers struggling back from South Africa’s longest-ever mining strike are now contending with threats to a long-awaited price recovery more than that Recycling today represents more than a quarter of the platinum metals groups that come to market — ranking as the second largest source of supply behind mining. That percentage is expected to grow to more than one third by 2020. Also we can see investors are losing appetite for the metal. Platinum ETFs, popular investment vehicles which issue securities backed by physical metal, have reported their biggest monthly outflows since early 2010 this month. Platinum XPT/USD price remains negative as last week the metal achieving negative close below 1180 levels main support previous level, therefore, the price below the current support level will take the negative momentum to achieve lower prices. Expected trading range price will go down to 1100 and 1080 areas. The trend is bearish we are going to see the lower bands at 1080-1100 if those levels will break down the next stop will be at 630 area.
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Platinum Price Struggling Back
Published 02/23/2015, 08:55 AM
Updated 07/09/2023, 06:31 AM
Platinum Price Struggling Back
Latest comments
First of all there would be many strong supports between 1080 and 630 if and a BIG IF it did hit below 1080 the next major psychological support would be $1,000 and if fell below that, every jeweler, bullion dealer, rapper, including myself would be purchasing large numbers of platinum maple leafs and/or jewelry. And guess what? It goes up again...and probably higher and faster than before as record/history serves me right. When people see a deal they buy, and like I have said before platinum is the Warren Buffet of precious metals...
I don't think so. Strong support at 1150-1160, supply deficiency, cleaner standards coming out of Europe which requires more platinum than current standards, platinum strike that lasted 4 months left over 1 million ounces in the ground, over sold conditions, platinum hasn't been this low in 7 years, and it is moving upward as we speak
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