Platinum prices add another $21 after surging $39 yesterday as the escalating confrontation...


Platinum prices add another $21 after surging $39 yesterday as the escalating confrontation between South African miners working for platinum miner Lonmin (LNMIF.PK, LNMIY.PK) and police results in at least 34 deaths. FT Alphaville's Paul Murphy suggests investors still may not be pricing in the gravity of the massacre, and that ramifications for the platinum industry could be significant.
Comments (4)
  • bobbobwhite
    , contributor
    Comments (2150) | Send Message
     
    Nothing like war to create big profits!

     

    "Hey, kryptonite prices are depressed. What can we do to turn that around? Hmmmmmmm."

     

    Maybe not in this case but it has happened many times and recently, even in America. Something fundamentally wrong in a world where this can and does happen.
    17 Aug 2012, 10:37 AM Reply Like
  • pmiller100
    , contributor
    Comments (358) | Send Message
     
    It's not war; it's labor problems. I don't mean to diminish the impact on the 34 laborers who were shot or their families, and certainly am not taking sides on which side is more in the right, but it is what it is.

     

    The platinum industry is too dependent on production from one country - a country that has a reputation for operating some non-miner friendly mines. Invest in individual miners there at your peril. But the price of platinum is likely to go up, so maybe look at that. Earlier this year it pushed up 20 percent because of problems at another mine.
    17 Aug 2012, 12:07 PM Reply Like
  • Iron Hamster
    , contributor
    Comments (899) | Send Message
     
    Given the price of Pt, I hardly think of sixty bucks an ounce as "big profits". My condolences to the people on both sides, and to all those who have to deal personally with bobbobwhite. I'm sure the latter have some interesting stories to tell.
    17 Aug 2012, 12:18 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3121) | Send Message
     
    Took profits yesterday only to short the spike - had to get out, as it started to rip higher...this is an over-reaction to be sure...
    17 Aug 2012, 01:23 PM Reply Like
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