Platinum and Palladium Prices Still Consolidating

IBTimes reported reported car sales figures were up in August, but neither platinum nor palladium benefitted from the news.

The market news is quoted as saying,

The German precious metals trading group Heraeus reported that unit sales developed better than expected in many world regions in August. Despite the damage and uncertainty caused by Hurricane Irene, auto sales climbed by 8% in the United States. In Germany – Europe’s biggest auto market – new car registrations rose by 18.3% to almost 240,000 in August. Although the situation in Europe´s interbank market is deteriorating rapidly, the region’s banks have been providing enough fresh loans for vehicle purchases. Palladium and platinum are both strongly dependent on the development in the car sector because they are mainly used in the construction of catalyst systems.

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