“Amplats – part of global mining group Anglo American and the world’s No. 1 producer of the precious metal – said last month it would cut 4,800 jobs, laying off 3,300 workers and paying off the rest,” a Reuters article reported.
According to the report, fewer than 1 in 5 workers showed up to the Rustenberg mines in South Africa for work because of this announcement. South Africa accounts for 75 percent of global platinum production, so perennial strike fears translate to perennial supply disruption fears – but we’ll see if that actually happens.
On our precious metals price index, the price of Chinese platinum bar fell 0.3 percent yesterday after two days of no change. Japanese platinum bar fell 0.3 percent yesterday. The price of US platinum bar showed little movement on Thursday.
US gold bullion saw the biggest upwards shift for the day, rising 0.8 percent on Thursday, September 26. Japanese gold bullion saw its price rise 0.4 percent. Indian gold bullion finished the day up 0.4 percent. Chinese gold bullion prices rose 0.4 percent.
The price of US silver increased 0.4 percent. Indian silver gained 0.4 percent as well. Chinese silver prices saw a 0.2 percent decline. After dropping for two days, the price of Japanese silver flattened.
Japanese palladium bar prices inched up 0.5 percent. After a 0.4 percent increase, US palladium bar finished the day up. The price of Chinese palladium bar remained essentially flat.