Friday, November 11, 2005


Platinum Stands Tall

BBc reports on a recent high for platinum. "Platinum prices have hit highs not seen for more than 25 years, driven by growing demand for the metal in cleaning car exhausts. Prices have risen nearly 130% over the past four years and now stand at more than $950 per troy ounce."

"It is a key component for catalytic converters in diesel engines, which are growing more popular as petrol prices rise and pollution rules are toughened. Russia and South Africa are the two main producers of platinum."

"Demand for a similar precious metal, palladium, is also rising because it is being used as a cheaper alternative for jewellery, particularly in China. Prices for palladium, which can also be used to clean car engine exhausts, now stand at about $240 per troy ounce."

Correct me if I'm wrong, but I believe that most platinum is mined as a by-product of other metals operations and therefore it is more difficult for producers to ramp up supply.

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