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Platinum Soars As Spreading South African Miner Strike Cripples World’s Biggest Platinum Firm | ZeroHedge

Posted by satyrikon στο 12 Σεπτεμβρίου, 2012

Ten days ago, when describing the latest casualty of the ongoing South African miner revolution, we said: «Expect more South African mines to shutter, as gold production in the world’s third largest gold producer grinds to a halt, and the local workers grasp they had the leverage all along. Should the South African example spread to other countries, then expect the price of gold to soar regardless of how much printing the central planners engage in the coming weeks and month.» Fast forward to today: «Labour unrest sweeping across South Africa’s mining sector hit top world platinum producer Anglo American Platinum on Wednesday, with striking miners blockading roads leading to shafts belonging to the mining giant, police said. The platinum price jumped as much as 1.5 percent to $1,624.74 an ounce, its highest since mid-April amid fears of more disruption to supplies of the precious metal used in jewellery and vehicle catalytic converters.» The good news: the complete mining shut down has not spread to other countries. Yet. The bad news: as expected, one after another South African mine is going offline. Why is this an issue? Because Chinese demands is soaring, even as the world is about to lose its third largest producer of gold. Not even the CME hiking gold margins to infinity will do much to prevent what will inevitably be a surge in precious metal prices. Factor in what is likely to be more easing by Bernanke tomorrow, and it may be time to eye the all time nominal high of just over $1,900 gold hit a year ago.

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μέσω Platinum Soars As Spreading South African Miner Strike Cripples World’s Biggest Platinum Firm | ZeroHedge.

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