TDS remains bullish on Platinum
Gold | 2012-08-30 05:25:15
Platinum has retraced some of its recent gains, but T.D. Securities remains bullish on the metal as long as production remains halted at Lonmin’s Marikana mine in South Africa due to labor issues.
By Paul Ploumis
NEW YORK (Scrap Monster): Platinum has retraced some of its recent gains, but T.D. Securities remains bullish on the metal as long as production remains halted at Lonmin’s Marikana mine in South Africa due to labor issues.
Nymex October platinum, which hit a 3 ½-month high of $1,563.60 an ounce last week.
“Between $1,500 and $1,560, platinum is in a technical no-man's land but we're still happy to be long,” said Steve Scacalossi, vice president and director for global precious metals with TDS.
The fundamental picture remains “price positive” with output still ground to a halt at the world’s third-largest platinum miner, with low attendance from workers continuing. “It is likely just a question of time before we see higher levels,” TDS concluded.
