We had this resource cycle discussion and possible manipulation by big players, a few weeks ago. Me think oil, plats and gold close to start of a mini bull run again, next week? IMP holding up nicely today despite drop in platinum.
Plat had better start rallying soon, because i think that plat manufacturing costs are around $1200 per ounce, so I don't think IMP or AMS have been operating at profit for almost 1 year now. And Lonmin CEO quoted as saying about 3 months ago that Platinum was in oversupply. I Stand to be corrected though.
Plat. has been trading in the $1100 to $1300 range for some time now.On four coccasions its failed to go above $1292 per ounce.Now its just inside $1100 range last visited sixty days ago.It looks like its going to fall further,then there is only minor resistance above $1000 per ounce.Platinum is not really in over supply at the moment.The weakness is caused by lack of confidence in the world recovery and feeling its going to take longer than every one thought.
Did the same thing on Monday. I wasn't looking forward to the stress off a volatile ride with very little certainty through the earnings season. Rather sit on the sideline earning money market interest and watch how this pans out.