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Article Excerpt
The platinum price continues to perform well, mostly as a result of a stronger gold price, which is bolstered by the events in Lebanon and the anticipated rise in oil prices following the closure of a significant amount of Alaskan oil production. The precious metals markets also appear to be factoring in a pause in the U.S. Federal Reserve Bank's rate hikes at its Aug. 8 meeting. Acting as the market expected, the Fed did not raise short-term rates, which was out of line with recent rate increases from the European Central Bank and the Bank of England. This move avoided a potential knee-jerk sell-off in metals. Because no increase was announced, rising crude oil prices could support further gains in the metals.
PRODUCTION UPTICK. Anglo Platinum, based in Johannesburg, South Africa, announced a 6-percent increase in platinum production in the first six months of the 2006 calendar year to 1.34 million ounces, as compared to the 1.27 million ounces produced in the same period of 2005. The company's management maintains its forecast of 2.7 million to 2.8 million ounces of platinum for...
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