Price of platinum surpasses gold once again

[Sparky]

The price of platinum jumped 40 dollars in about an hour overnight tonight, leapfrogging ahead of the gold price for the first time since March 2012.

The gold price first exceeded that of platinum in September 2011 for the first time in many years, as gold was establishing it's all-time record price above $1900. Gold had extended it's widest price gap of about $200 above platinum at the end of 2011. The gap was completely erased by March 2012, but then broadened again, ending 2012 at a difference of about $150. It has taken platinum only two weeks into 2013 to completely close the $150 gap and overtake gold.

Not sure of the significance of this. Curiously, it comes on the heels of rumors tonight that Germany is expected to repatriate some of its gold reserve currently held in Paris and New York.

[MNeagle]

Closing mines:



Amplats mine closures risk 14,000 South African jobs


http://www.france24.com/en/files/imagecache/france24_169_large/article/image/amplats.jpg

© AFP

The world's number one platinum producer Anglo American Platinum said on Monday it will close four mine shafts in the Rustenburg region of South Africa, a move which could lead to the loss of up to 14,000 jobs.


By News Wires (http://gold-silver.us/en/category/tags-auteurs/news-wires) (text)

Top global platinum miner Anglo American Platinum could cut up to 14,000 jobs in a major restructuring of its strike-hit South African operations, the firm said Tuesday.
Amplats plans to close four shafts and sell a mine considered unsustainable, it said in a statement.

"As a result of the proposed changes to the business, a total of up to 14,000 jobs may be affected, 13,000 of which will be in the Rustenburg area," 110 kilometres (70 miles) northwest of Johannesburg, it said.

"As a result, the production profile will be reduced by approximately 400,000 ounces per annum with a baseline production target of 2.1-2.3 million ounces per annum," it said.
"The Union Mines are likely to be of greater value under different ownership," it added.

Operations in South Africa have been unsustainable "for some time" because of capital intensity, low-quality ore and rising costs, Amplats said.

Mineworkers' demands for higher wages crippled production across South Africa's mining sector last year, and resulted in violence that killed at least 50 people amid a police crackdown.
The strikes reduced Amplats production by around 306,000 ounces, but did not prompt the changes, CEO Chris Griffith told Talk Radio 702.

"The strikes were not the reason for us having to restructure the company," he said.

Amplats launched a review of its operations in February 2012.

It will try to replace job losses with job creations in "housing, infrastructure and small business development" in the mining areas and areas that habitually send labour to the mines, notably the Eastern Cape province and neighbouring Mozambique and Lesotho.

The world's number one platinum producer warned Monday that its 2012 earnings would probably show a loss of 491 to 628 cents per share, down from a profit of 1,365 cents per share in 2011.

A reassessment of the value of its assets resulted in a write-down of 463 million rand ($53 million), it said.

Harmony Gold announced earlier in January that it may shut its Kusasalethu mine in Carletonville near Johannesburg, potentially affecting 6,000 staff.




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[steel_ag]

The price of platinum jumped 40 dollars in about an hour overnight tonight, leapfrogging ahead of the gold price for the first time since March 2012.

The gold price first exceeded that of platinum in September 2011 for the first time in many years, as gold was establishing it's all-time record price above $1900. Gold had extended it's widest price gap of about $200 above platinum at the end of 2011. The gap was completely erased by March 2012, but then broadened again, ending 2012 at a difference of about $150. It has taken platinum only two weeks into 2013 to completely close the $150 gap and overtake gold.

Not sure of the significance of this. Curiously, it comes on the heels of rumors tonight that Germany is expected to repatriate some of its gold reserve currently held in Paris and New York.

people heard about a trillion-dollar coin and thought... "trillionaire! *cha ching*" Ching from da bling.

[gunDriller]

happened again today - Pt got up to $1700 and change, Au's high for the day was $1695 - or $1709/ $1696, depending on which charts you use.

but basically Pt & Au are neck & neck.


i wonder how much Pt is in the Platinum Oxide on my old hard drive platters ? somewhere between "hardly any" and "not very much".

though i guess they haven't always used Platinum.