This week we learned that a major reason for platinum’s price stability during the five-month-long South African mining strike was stockpiles of the metal held in Swiss vaults.
The AMCU strike finally ended this week and miners went back to work for Lonmin, Impala and Anglo-American Platinum. Silver was the big winner on the LME, though, doubling the gains of its precious metal cousin, gold.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 3.5 percent increase to JPY 680.00 ($6.70) per 10 grams. This week marked the third in a row of rising prices for the metal. The price of Chinese silver fell 0.8 percent to CNY 4,290 ($689.64) per kilogram after rising 5.2 percent the week before. Closing out the third week of rising prices, the price of Indian silver increased by 0.3 percent, landing at INR 45,803 ($762.87) per kilogram. US silver traded sideways last week, hovering around $20.87 per ounce.
Following a 5.7 percent increase in the week prior, the price of Indian gold bullion fell 0.6 percent last week to INR 27,705 ($461.44) per 10 grams. The price of Japanese gold bullion fell 0.2 percent to JPY 4,284 ($42.23) per gram after rising 3.7 percent the week before. The price of US gold bullion rose 0.2 percent over the past week to $1,317 per ounce. This was the third week in a row of increasing prices. Following a 3.5 percent increase in the week prior, the price of Chinese gold bullion fell 0.2 percent last week to CNY 262.50 ($42.20) per gram.
The price of US platinum bar rose 2.1 percent this week, closing out the third week at $1,481 per ounce. The price of Chinese platinum bar rose 1.9 percent to CNY 314.00 ($50.48) per gram after falling 0.3 percent during the previous week. The price of Japanese platinum bar rose 0.7 percent to JPY 4,832 ($47.63) per gram after falling 1.0 percent during the previous week.
At $845.00 per ounce, the price of US palladium bar finished the week 3.2 percent higher. The price of Japanese palladium bar rose 2.1 percent to JPY 2,756 ($27.17) per gram after falling 2.1 percent during the previous week. The price of Chinese palladium bar rose 1.6 percent to CNY 187.00 ($30.06) per gram after falling 1.1 percent during the previous week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.