(Bloomberg) – Platinum rose to its highest level since 2014, as supply problems and a wave of speculative buying shocked the market.
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Precious metals soared as much as 4.6%, while palladium rose by more than 5%. Gold is getting higher and higher as investors await clearer signs that Israel-Iran tensions are not spilling over again.
“Recently, the surge in Chinese investment and jewelry alternatives is attracting the attention of insufficient supply of platinum,” said Justin Lin, an analyst at Global X ETFS. “Palladium and platinum are essentially connected because they can be used with each other instead of each other for autocatalysts, depending on the relative price, so we can expect some positive momentum in palladium in the platinum rally.”
The major platinum spotted markets in London and Zurich have shown close signs for months, with about 500,000 ounces of goods pouring into U.S. warehouses, which are subject to profitable arbitrage and fear of tariffs.
The forward price of platinum is now well below spot, a situation known as backwardness, which indicates a serious market situation. The implied cost of borrowing metals remains high, with the annual tax rate for a one-month lease at about 13%, much higher than the usual close to zero.
White-loaded platinum soared 3.4% to $1,400.75, as of 11:25 a.m. in London, with palladium jumping 2.4% to $1,093.46. Gold rose 0.2% to $3,339.20, while silver added 1%. The Bloomberg Market Cap Index fell 0.5%.
Most of them come from Bloomberg Business Weekly
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