Platinum Group Metals Price Bulletin - 14th November 2011 to 18th November 2011

Johnson Matthey London Base Prices at 0800 hrs, $/oz:

	Pt	Pd	Rh
Monday 14th November	1650	664	1675
Tuesday 15th November	1640	663	1675
Wednesday 16th November	1625	654	1675
Thursday 17th November	1622	648	1675
Friday 18th November	1595	608	1675

 The week started strongly for “industrial” commodities as the US dollar gave back some of its previous gains. In the Eurozone there was fresh optimism; Silvio Berlusconi resigned as Prime Minister of Italy, whilst the sector reported growth of 0.2% in the third quarter. However, the momentum could not be sustained; Eurozone inflation was reported at 3%, above the 2% target set by the ECB, and Moodys ratings agency downgraded twelve German banks over fears of their exposure to European debt. The Dow Jones also slipped as US banks were hit by similar concerns, and despite the economic turmoil, the gold market suffered with nervous investors liquidating positions to cover losses in other asset classes - bringing platinum and palladium down with it.

Platinum

The gains of the early part of the week were eroded as investors were ready to take profit at the earliest opportunity. The downside was softened mid-week by a stronger gold, whilst Lonmin face a potential strike after the National Union of Mineworkers rejected their increased wage offer. Johnson Matthey’s Platinum 2011 Interim Review was launched on Tuesday 15th November.

Palladium

Palladium followed platinum on the way down, losing $56 throughout the week. 

Rhodium

Rhodium saw some offer in the latter part of the week, though the metal remained at $1675. Ruthenium and iridium also remained changed at $130 and $1,085, respectively. 

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