Platinum Breaks New Record, American Eagle Coins Back on Sale
Platinum took a mad dash upward earlier today, breaking another new record of $1,803.80 an ounce on the New York Mercantile Exchange (NYMEX). Investors watching the power shortage problems in South Africa, who produce four-fifths of the world’s platinum, bet on a constricting supply.
“Mine output disruptions continue to fuel the rally” in platinum, Jon Nadler, senior analyst for Kitco Bullion Dealers Montreal said in a research note. “With 80 percent or so of global supplies coming from the very mines affected by electricity woes, this is not a surprise.”
