Platinum Workers to Strike in S. Africa; Chinese Silver Drifts 1.4%

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It looks as though there will be another strike… “Unionized workers in South Africa’s platinum sector have called a strike over wages, the BBC reported Jan. 23. The strike will involve 70,000 members of the Association of Mineworkers and Construction Union (AMCU) and will be the biggest in the sector since 34 miners were gunned down by police during a strike in 2012. Confrontations between AMCU and the National Union of Mineworkers are disrupting wage negotiations at several mining companies,” reports Stratfor.

In metal price news for precious metals…
With a decline of 1.4 percent on Wednesday, January 22, Chinese silver recorded the biggest price drift of the day. Indian silver ended the day, after the 0.9 percent drop on Wednesday. The price of US silver declined 0.2 percent. The price of Japanese silver remained essentially flat.

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The price of Chinese gold bullion fell 0.9 percent. US gold bullion closed 0.2 percent lower. Indian gold bullion finished the day up 0.2 percent. Japanese gold bullion saw little change in its price on Wednesday.

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Japanese platinum bar gained 0.7 percent to finish. Following a couple days of improvement, the price of Chinese platinum bar weakened by 0.7 percent. US platinum bar prices rose 0.1 percent.

The price of Japanese palladium bar finished the market day up 1.1 percent per gram. After a 0.6 percent increase, Chinese palladium bar finished the day. The price of US palladium bar held steady.