Platinum's drastic plunge??

Delorean

Why has the price of Platinum drop sooo much?? 70 dollars just today!

Tassa

Auto industry might have something to do with it.

MadMarty

I'm sure someone on the PM Forum can answer it!!!

coolest

<< <i>I'm sure someone on the PM Forum can answer it!!! >>



No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion.

TwoSides2aCoin

<< <i>Auto industry might have something to do with it. >>



I think you're being modest. Put it in CAPS

adamlaneus

The other side of the automobile-related-demand equation is the supply.

Russia has lots of platinum reserves, and a highly productive mine. South Africa has lots of mines. All of them could be producing an oversupply at this time.
Russia, for example, is very oil dependant as an exporter. The recent, dramatic drop in oil prices may have made them turn to selling other assets too.

I think that only a market maker would know if the price decline is due to a shrinking demand or an oversupply.

Without this knowledge, it's not good to make financial moves in this metal.


This doesn't belong in this forum, does it?

Oh well. I owe the 'forum police jar' one Golden Dollar.

coolest

Platinum $840/oz WOW!!!

AbesNeighbor

I have platinum coins and this is the coin forum

notwilight

<< <i>

<< <i>I'm sure someone on the PM Forum can answer it!!! >>

No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion. >>

good one.

MadMarty

<< <i>

<< <i>

<< <i>I'm sure someone on the PM Forum can answer it!!! >>

No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion. >>

good one. >>



Maybe you should try the paper money forum, there is only ome person there and Cliff would be glad to answer!!!

robkool

Platnium is nearing the price of gold ??? WOW !!!

2manycoins2fewfunds

<< <i>Platnium is nearing the price of gold ??? WOW !!! >>



Yes the closer they both get to zero the closer they get to each other.

Bah1513

Go to www.kitco.com

Platinum falls 4% to $916,5/oz on demand concern
Text Size
By: Reuters
Published on 16th October 2008
LONDON - Platinum fell 4% on Thursday on concerns that a global recession will cut demand from auto makers.
Platinum fell as low as $916,50 an ounce, or 4%, from $955 an ounce on Wednesday. More than 60% of global platinum use goes to autocatalysts to clean exhaust fumes.

Editor: Reuters

Jcarney

<< <i>I'm sure someone on the PM Forum can answer it!!! >>



No need to go there. PPT did it.

ProofCollection

Also I've heard that Russia is trying to raise capital by dumping platinum supplies.

keets

when i checked the spot price today i was flabbergasted. i thought Platinum would stay well above $1000, but as others have noted the auto industry is being hit hard. i saw a report a few weeks ago which gave an estimate of sales being off over 25% from a year ago. that's staggering news!!! locally, a longtime Ford dealership built a new lot/showroom last year and moved from the location they'd been at for perhaps 40 years. less than a month ago they were gone along with perhaps 20-30 jobs and all that follows that.

i fully expect that gold may eventually sell for more than platinum. last Thanksgiving at the MSNS Show in Dearborn we dumped all the platinum we had brought to the show for about $1980/ounce while gold was around $900-$950/ounce. to think the two trade at about the same price less than a year later is hard to believe.

rgCoinGuy

OK Folks. It's pretty **** simple. The electric cars you will be driving, like it or not, will not need Catalytic converters.

coindeuce

Just be glad you aren't trading in rhodium, which has dropped from a high of $10,000/oz. in July to around $1800 today. And todays levels were a drop of 25% from the close yesterday