Platinum Prices Hit 6 Year Low

Platinum prices hit a 6 year low after Greece voted ‘no’ in a referendum on terms of a bailout that included further austerity measures for the country, Bloomberg reported. Prices fell 1.9 percent to $1,062.95 per ounce.
As quoted in the publication:

The price of platinum has slumped every quarter since June 2014, when miners ended a five-month strike in South Africa, the world’s largest supplier. Europe accounts for about 25 percent of global sue of the metal, used in pollution-control devices for cars.
Greeks voted in a referendum to reject further measures required to win another bailout, spurring speculation the country will be forced to quit the euro zone. The prospect of slowing consumption comes as CPM Group says platinum mine output is set to gain this year amid plentiful inventories. Palladium, also used in catalytic converters, tumbled into a bear market last month.
“Today is the affect of the no-vote in Greece, and overall these metals have been hurt because of concerns about demand in Europe and China,” Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. “We have seen most industrial metals trade weaker.”
Platinum for immediate delivery fell 1.9 percent to $1,062.95 an ounce at 1:40 p.m. in New York, according to Bloomberg generic pricing. Earlier, prices touched $1,048.28, the lowest since March 2009. The metal capped a fourth straight quarterly decline last month in the longest run of losses since 2011.

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