Platinum Surplus on the Brink of Bear Market

Precious Metals

Minweb reported that an oversupply in platinum and a dropping price in trade due to decreased demand has the industry on the edge of a bear market.

Minweb reported that an oversupply in platinum and a dropping price in trade due to decreased demand has the industry on the edge of a bear market.

As quoted in the market news:

Output will drop 4 percent to 6.14 million ounces this year as labor strikes and safety concerns disrupt mining in South Africa, the biggest producer, Barclays Plc estimates. That will diminish the annual glut by 90 percent to 37,000 ounces, the bank predicts. Prices will average $1,750 an ounce in the fourth quarter, 22 percent more than now, the median of 13 analyst estimates compiled by Bloomberg shows.

Click here to read the full Mineweb report.

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