Analysts See Platinum’s Fall as Overdone

In an article for Mineweb, Kip Keen wrote that some analysts are seeing platinum as oversold. Platinum has fallen to less that $1,300 per ounce since fears of a supply crunch have waned. Still, there was some silver lining.

As quoted in the publication:

So, while PGM-watchers haven’t writen off more price pain, they tend to favour some bottom or near-bottom in the price of platinum forming at the moment. “While it is still hard to call a bottom, we think the selloff has largely run its course,” Standard Bank’s Charles De Wet recently remarked to the WSJ (paywall). Likewise, UBS has told clients that platinum below $1,300/oz is a “buying opportunity.” And in the same vein, HSBC’s James Steel said that at current prices the precious metal is oversold.

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