Platinum Rallies amid Concerns of Future Production Cuts says Pan American Metals of Miami
(1888PressRelease) Platinum shows signs of recovery.
MIAMI, FL – Lower than normal platinum prices have been a concern to platinum producers with a threat of production cuts down the line. Three-quarters of the world’s platinum comes from South Africa; fortunately the dollar has strengthened against the rand, meaning that it is still possible for producers to profit, even at lower prices. However, labor and production costs have been rising, so the situation continues to be worrisome. It is unusual for platinum to be trading at so much lower a price point than gold, especially given the noble metal’s rarity.
Worries about the economy will discourage spending on luxury items like cars, reducing demand for platinum, which is used in the manufacture of catalytic converters; an upturn in the economy on the other hand, would be bullish for platinum, which depends heavily on industrial demand. Platinum is both dense and malleable, a unique mix; it does not oxidize at any temperature and is very resistant to corrosion, making it highly appropriate for jewelry, electrical, laboratory, and dentistry applications.
“It is a little early to tell just what will happen to platinum prices,” says Bill Hionas of Pan American Metals of Miami. “At the moment there are no immediate production cuts scheduled and the rising dollar is helping the South African producers.”
Platinum pushed back above $1500 today, giving a more optimistic outlook for the metal. Pan American Metals was showing platinum at $1522, a gain of $27. Investors interested in taking a position in platinum should consult with Pan American Metals of Miami.
About us:
Pan American Metals of Miami, LLC is a group of traders, investors and account executives who combine many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.
Website: http://www.panamericanmetalsofmiami.com
Press Contact
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Source:
http://www.1888pressrelease.com/platinum-rallies-amid-concerns-of-future-production-cuts-say-pr-341333.html
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