'Platinum prices may reach $2,000/oz in 9 months'

Gold  |  2012-09-13 06:35:55   |   By

Platinum prices likely to rise 26% from current level to reach $2,000 per ounce in next nine month, said Rob Spanjaard, Investment Director at Rezco Asset Management.

NEW YORK (Scrap Monster): Platinum prices likely to rise 26% from current level to reach $2,000 per ounce in next nine month, said Rob Spanjaard, Investment Director at Rezco Asset Management.

“The unrest at the mines is significantly affecting production with the result that the market is probably already in deficit for the year. Investors are well aware of this shortfall and have already begun using various instruments such as exchange traded funds (ETFs) in order to profit on the Platinum price rising substantially. At Rezco we would agree with them on this assumption,” he added.

The future price of Platinum has come under a lot of speculation in recent weeks, as events at Marikana have highlighted severe disruption to mining of the precious metal. Between 2001 and Aug 2012, the dollar platinum price recorded an increase of just 8% a year.