Platinum Slides $22 As Investors Look To Limit Exposure

Kitco reported platinum slid $22 as investors south to reduce bullish exposure to the metals markets on the Comex division of the New York Mercantile Exchange.

As quoted in the market news:

January platinum bucked the trend and slid $22 to $1,553.60.

Anne-Laure Tremblay, precious metals strategist at BNP Paribas, said platinum’s price decline “was a result of profit taking, as we had warned that the level of investor positions was at extreme levels.”

Although prices for precious metals outside of platinum rose slightly in the week ended Oct. 30, prices for the metals skidded Friday in the aftermath of a stronger-than-expected U.S. October payrolls data. That could have implications for the report to be released at the end of the week.

Click here to read the full Kitco report.