TDS expects a further upside potential for Platinum

UNITED KINGDOM May 05 2016 11:18 AM

NEW YORK (Scrap Register): TD Securities see more upside potential for platinum, which the firm describes as a hybrid metal with both precious-metal and industrial characteristics. 

Platinum is now finding support at $1,000 an ounce after breaking back above this level this spring, topping $1,085, the highest level since July. Platinum has been outperforming gold since February, said TDS. 

“And given the strong precious-metal sentiment, this should prevent above-ground stocks from being easily turned over to industrial users in order to close the gap between production and demand, there is still upside. Should labor negotiations between producers and South African miners start getting difficult, significantly more upside is likely,” said Analysts at TDS.