Platinum prices jumped in January because of the power outage in South Africa – too bad there’s no exchange traded fund (ETF) for the precious metal available here in the United States.
Prices will continue to rise and the end is not in sight, say analysts. If you have your heart set on a platinum piece this Valentine’s Day, or rather your valentine has platinum tastes, be ready to pay the price. Guys planning to pop the question might have a little sticker shock in store for them, says Allen Sykora for Wall Street Journal.
Platinum prices are set for a jump of 24% compared to the end of 2007.
The spot price for platinum closed at $1,911.00 on Tuesday. The prices on platinum will continue to be supported because of the power disruptions and the lower production expected for this year.
At prices like these, you can be sure that if you give platinum as a gift today, there will be no mistaking: you must really like that special someone.
Happy Valentines Day!
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.