BlackRock sees platinum prices at new records
Wednesday, May 21, 2008 : PermalinkReuters- Production problems at platinum mines in South Africa and growing demand from car makers mean prices of the precious metal have potential to hit new highs, a fund manager at BlackRock told Reuters.
A power crisis in South Africa, which produces 80 percent of the world’s platinum, and worries about shortages drove prices to a record high of $2,290 an ounce early in March. Prices are currently around $2,150 an ounce.
"The acceleration in the rate of increase in prices was probably accentuated by the power crisis in South Africa," said Evy Hambro, a UK-based fund manager at BlackRock.
Tags: commodities, investment-arm, refiners, remainder
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