LONDON (Commodity Online): Gold’s premium over platinum has fallen back below $100 a troy ounce as a strike continues against Implats’ Rustenburg mine, said Commerzbank in a research note.
In weeks past, the premium had been more than $200. Nymex April platinum overnight hit a high of $1,660.70 that was its strongest level since mid-November. The strike against Rustenburg may continue for another week, Commerzbank added.
“Furthermore, the possibility of workers from other mines joining forces with the strikers out of solidarity cannot be ruled out. South Africa accounts for 77% of the world’s mining production,” Commerzbank continued.
As of 8:42 a.m. EST, April platinum was up 40 cents to $1,655.10 an ounce and April gold was down $1.40 to $1,747, leaving gold with a premium of $91.90.
