Gold World Post

December 20, 2007 by david.pennington.

Platinum Spot Price Record

Amid increasing demand and a shortage of mine supply, the platinum spot price rose to an all-time record high. Check out the platinum spot price chart below…

The platinum spot price rose to a record $1,526.40 an ounce as supply disruptions in South Africa and growing industrial and investment demand pulled positively on the market.Supply Shortages Support Platinum Spot PriceA shortage of mine supply has plagued the platinum market for the past few years. When it’s all said and done, we expect a supply deficit of about 265,000 ounces in 2007, making this the seventh in the past eight years the market will record a shortfall. In 2006, there was a small mine surplus of about 65,000 ounces.Most recently a string of deadly mining accidents in South Africa has slowed and in some cases even stopped production in South Africa, where 90% of the world’s platinum is mined from only three major deposits. More than 180 South African workers have been killed this year in mine accidents, prompting nearly 250,000 workers to strike in a one-day protest earlier this month.I expect these mining accidents to increase the already rising production costs as a result of tighter regulations within the South African mining industry. This will in turn continue to negatively effect platinum mine production in 2008 and beyond and positively support the platinum spot price.

I have just recently purchased several first- time ever Platinum 2 coin sets. The US Mint decided to take advantage of the great popularity of the 2006 20^th Anniversary Silver Eagle 3 coin set. The Reverse Proof in the Silver set was the most sought after coin of the year. Now the Mint has released a 2 coin Platinum set commemorating the 10^th Anniversary of the release of the Platinum Eagle coin in 1997.  The set consists of the beautiful Platinum Proof and the even more astonishing first ever Reverse Proof Platinum coin.

Please call me at Pennco Coins at 425-868-4966 for the lowest price available on these Platinum Coins. We have sold as much Platinum this year as any dealer. We love Platinum. Our clients have been richly rewarded for owning Platinum. If you have not bought any Platinum yet, it’s time to get started. The price is going to continue to rise.

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