Platinum Shines at $1,400 on ETF Speculation

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Platinum Surges to Record on Speculation Over Fund Introduction [Bloomberg]

Summary: Platinum experienced its biggest one-day gain in 20 years and soared to an all-time high on the speculation of an ETF for the precious metal. Platinum reached over $1,400 an ounce from a single $147 bounce, a culmination of the steadily increasing demand over the last four years for the metal which is used in jewelry and car exhaust equipment. As governments worldwide tighten emissions standards, demand is expected to increase another 5% this year to 7 million ounces. The platinum ETF is expected to increase the metal's price between 5-15%. Even if the ETF doesn't go ahead, analysts predict that rising demand will propel the price for platinum upward.
Related links: Media coverage: Platinum ETF Speculation Continues to Circulate [ResourceInvestor.com] • Platinum ETF will face resistance [Miningmx.com]. Commentary: A Look at Platinum Miners • Two Companies Poised To Ride the Palladium Rush
Potentially impacted stocks and ETFs: Stillwater Mining Company (SWC), and North American Palladium (PAL).

Seeking Alpha's Wall Street Breakfast summarizes today's key market- and stock-moving news. Receive it by email every weekday morning (free/no spam).

Seeking Alpha is not affiliated with Bloomberg.