The name of the game has not changed as one statement from Boston Fed President Eric Rosengren stating the conditions for tightening rate policy have not been met drove gold over 1200 in a matter of minutes. Meanwhile the Euro/Dollar didn’t seem to move. At 10 AM the ISM Manufacturing PMI was released slightly higher than expected and is bullish for the US dollar and hence it put a damper on the rally. Platinum still remains below the gold price by $80, a surprise considering the forecast is for 160,000 ounce deficit according the World Platinum Investment Council quarterly report. It is possible that platinum miners are hedging putting pressure on the market price? No other explanation seems to make sense since demand is forecast to grow in 2015 by 3% t0 8,155,000- ounces. Even with global supply increasing above ground stocks will continue to need to supply the market.
By G. Miguel Perez-Santalla
By G. Miguel Perez-Santalla
