Platinum, palladium soar along with auto sales, new South Africa strike

|By:, SA News Editor

Platinum prices breach $1,500/oz. and palladium futures also jump as better than expected U.S. car sales data and a new strike in South Africa lured buyers into both markets.

Upbeat reports from GM, Ford, et. al. bucked expectations for a slowdown in car sales, boosting investor appetite for platinum and palladium, which are both widely used in car exhaust filters.

Meanwhile, a new strike by metal workers and engineers in South Africa have renewed concerns about supply after the country is still recovering from a five-month strike by platinum workers.

Platinum producers: AAUKF, AAUKY, IMPUY, LNMIF.

ETFs: PALL, PPLT, SPPP, PTM, PGM