South African Striking No Longer Enough to Move Platinum Prices

Reuters reported that analysts are surprised that strikes in South Africa have done little to move platinum prices this year. In 2005, striking in that nation pushed prices for the metal to record highs.

As quoted in the market news:

‘Recently, as a strike has been launched, the simple fact of it happening hasn’t been enough to move the price,’ Mitsui Precious Metals analyst David Jollie said.

‘If you expect the price to move higher, people need to see a more widespread or deeper strike, or a more intractable dispute. That’s the sort of thing that’s required to drive the price substantially higher.’

Click here to read the full Reuters report.