This one may go to court… “The chief executive of Anglo American Platinum said on Wednesday court action might be taken to have a four-week strike against it and other platinum producers declared illegal given alleged violence by the AMCU union,” reports Reuters.
“Chris Griffith was speaking at a media briefing along with chief executives of Lonmin and Impala Platinum. Their operations have been hit by the same strike, which has no end in sight in light of the fact that the two sides remain poles apart on the issue of wages.”
“The walkout by the Association of Mineworkers and Construction Union (AMCU) is affecting more than 40 percent of global output of the precious metal and has further eroded investor confidence in Africa’s largest economy.”
“Griffith said the AMCU was trying to achieve its wage demands through ‘through not only strike action but violence and criminal acts … There have been extensive reports of both overt and covert intimidation at the various operations, as well as injuries and damage to property,’ he said.”
In metal price news for precious metals…
Decreasing 1.6 percent made Indian silver the biggest mover of the day on Wednesday, February 19. The price of US silver increased 0.3 percent. Wednesday saw the price of Japanese silver drift down 0.1 percent after a couple of stagnant days. The price of Chinese silver showed little movement yesterday.
Japanese gold bullion prices inched up 0.3 percent. US gold bullion fell 0.2 percent yesterday. The price of Indian gold bullion remained steady. Chinese gold bullion saw little change in its price on Wednesday.
The price of Japanese platinum bar rose by 0.3 percent. US platinum bar closed 0.1 percent lower. Chinese platinum bar stayed flat.
US palladium bar prices saw a 0.1 percent decline. Japanese palladium bar held its value on Wednesday. The price of Chinese palladium bar remained essentially flat.