S. African Mediators Proposal to End Strike; US Silver Price Drops

by on

A proposal to end the South African platinum strike has been created.

According to Reuters, “South African government mediators have put forward a proposal designed to end a strike that has hit around 40 percent of global platinum supply, they said at the weekend.”

“It was not immediately clear what the proposal entails and the Commission for Conciliation, Mediation and Arbitration (CCMA) declined to say what is in it.”

“‘The mediated proposal or a variation thereof could form the basis of a final settlement in this dispute,’ said Nerine Kahn, CCMA director in a statement.”

“Talks between South Africa’s main platinum union, AMCU, and three platinum producers – Anglo American Platinum, Lonmin and Impala Platinum – were suspended until Tuesday, CCMA said.”

In metal price news for precious metals…

Decreasing 2.9 percent made US silver the biggest mover of the day on Friday, January 31. Japanese silver finished the day down 1.6 percent. Indian silver ended the day, after the 1.4 percent drop last Friday. The price of Chinese silver remained steady.

* Get the complete prices every day on the MetalMiner IndX℠

The price of US gold bullion declined 1.9 percent. Japanese gold bullion finished the day down 1.7 percent. The price of Indian gold bullion fell 0.6 percent. The price of Chinese gold bullion held steady.

FREE Download: The Monthly MMI® Report – covering the Precious markets.

US platinum bar prices saw a 2.1 percent decline. Japanese platinum bar closed 1.8 percent lower. The price of Chinese platinum bar remained essentially flat.

Japanese palladium bar fell 2.5 percent last Friday. US palladium bar prices saw a 1.1 percent decline. The price of Chinese palladium bar remained steady.