Manitoba Mining Information

Platinum Claims Another Record

Platinum futures extended their record-breaking run Friday, bid higher on persistent worries about supply disruptions in South Africa.Platinum for April delivery soared as high as $2,079.90 an ounce, beating the previous record set on Thursday. The contract finished up $57.80 at $2,063.70 an ounce.

“This is far from a bubble as speculative longs remain quite low and far away from higher levels expected at a market top,” said Mark O’Byrne, executive director at Gold & Silver Investments Ltd. In addition to declining supplies out of South Africa, “there are many other fundamental supply and demand issues to suggest that platinum will go a lot higher in the coming months,” he said in a note.

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