Analysts said during a conference for the platinum industry on Saturday that metal prices could rise in 2013 with the absorption of the limited supply markets of South Africa’s leading producer of the metal, which will pay the price of platinum to override the price of gold.
And contribute to South Africa by 80 percent of platinum supply and producers saw a sharp decline in production over the past year due to labor strikes and interruptions imposed by the government for reasons of safety factors pushing prices to their highest level in more than three months.
Said Jeremy East director of metals trading at Standard Chartered Bank on the sidelines of the World Gold in India that major producers may begin to close the mines due to high labor and energy costs.
East said, “in terms of basic factors, we are betting on rising platinum mines and feel that South Africa will have to stop production … so the supply will decrease.”
East said gold prices could rise to 1750 dollars per ounce, up five percent from current levels by December on worries about the euro zone and the expected economic stimulus plans.
Said Jeffrey Rhodes director of precious metals trading at any. Said. T. Commodity premium for platinum with gold will reach $ 200 an ounce within six months due to a sharp increase supported by supply concerns.
Rhodes said on the sidelines of the exhibition “Over the past three months we have seen platinum prices much lower than gold and up to $ 200, which is illogical, especially for the metal exposed to shocks in supply.”
And at least platinum price $ 144 per ounce for gold prices may rise white metal to two thousand dollars by the end of December, according to Rhodes.
“The real opportunity lies in the platinum versus gold trading. Do not see any justification for the low price of platinum for the price of gold.”