Platinum Reaches Biggest Discount To Gold In Nearly Two Years
SOURCE: [Reuters] – Platinum’s discount to gold hit its highest level on Friday since the gold price crash of April 2013, as concerns over the euro zone outlook lifted demand for the yellow metal as a haven, while dampening sentiment towards platinum.
Prices of the white metal fell to 5-1/2 year lows on Friday, weighed by concerns that turmoil in the currency bloc could hurt demand from the European car sector, which accounts for nearly a fifth of annual platinum consumption.
Gold meanwhile recovered from Wednesday’s six-week low as investors weighed up whethereuro zone finance ministers will reach a deal that would prevent a possible Greek exit from the euro zone.
Spot platinum was at $1,160.50 an ounce at 1340 GMT, down 0.2 percent, while spot gold was up 0.4 percent at $1,211.85 an ounce.
Earlier, the spread between the two reached $54 an ounce, its highest since April 2013, when gold’s decade-long rally ended with a $200 an ounce price drop in just two days.
“Gold’s safe-haven credentials are much greater than platinum’s,” Capital Economics analyst Caroline Bain said. “Both gold and silver could benefit if the situation in the euro zone deteriorates, but I don’t see the other precious metals benefiting. Increasingly, it’s the industrial story that is important to them.
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Source: http://www.goldeditor.com/platinum-reaches-biggest-discount-to-gold-in-nearly-two-years/
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