WPIC: Above-ground Platinum Stocks Won’t Likely Reach Zero

Writing for FastMarkets, Ian Walker reported that the World Platinum Investment Council (WPIC) doesn’t see the world’s above-ground platinum stocks hitting zero anytime soon. WPIC CEO Paul Wilson shared his thoughts on the subject at the recent Bloomberg and CME Precious Metals Forum.

As quoted in the publication:

Prices are now down 50 percent at $1,150 since the all-time peaks hit in 2008 at $2,300. The metal recently struck its lowest since the post-peak crash during 2008/2009 at $1,080 per ounce.

But even during the heights of last year’s five-month strike in South Africa that skewed annual production figures, platinum peaked at just $1,520 – it had started the year at $1,371 and closed it 12 percent lower at $1,206. Many believe that above-ground inventories were the reason behind the lack of movement.

Still, above-ground stocks will hit their lowest level on record at 2.6 million ounces by the end of 2015, Wilson believes

Click here to read the full article from FastMarkets.