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Bloomberg reported investors have accumulated record holdings of platinum assets as they seek to protect their wealth against the threat of inflation with the white metal.
Bloomberg reported investors have accumulated record holdings of platinum assets as they seek to protect their wealth against the threat of inflation with the white metal.
As quoted in the market news:
Holdings in exchange-traded products, or ETPs, expanded 1.1 percent to 46.748 metric tons, surpassing the previous peak of 46.316 tons on Sept. 7, 2011, according to data tracked by Bloomberg. The hoard has risen 17 percent this year, beating the 6.8 percent gain in gold holdings, which stand at a record.
Platinum prices rallied to highest level since February this month as miners staged a six-week stoppage at Lonmin Plc’s (LON) Marikana mine, which accounts for about 10 percent of global output, and the U.S. central bank announced a third round of quantitative easing. The workers at Marikana yesterday agreed to accept a pay rise and return to work on Sept. 20.