Platinum price up $63.50! 11/2/06

Not sure if this is the right place to post this but I just noticed that the price of platinum has jumped up $63.50 today alone. This seems like a rather large spike in price and I know alot of theories are based on the prices of the market and commodities. Just a heads up for those that track this money.cnn.com...

This is a good place to follow commodities. Is something about to happen? I don't know. Just giving a heads up!
edited to include date in title

[edit on 2-11-2006 by iggster]

It seems to be somewhat normal occurance. I checked to see if the were any larger fluxuations around Sept 11 2001 or July 7 2005 but it all looked normal.

Still following this today and it looks like Platinum is up another $45.20. Not sure why or what is going on but that is a spike of $107.70 in just 2 days or nearly 10%.
Anyone have any ideas why?

Wow.. i wish I had the money to invest in Platinum 3 days ago!!!


To bad for me


That is a very large jump for a metal though.. someone must be buying up platinum.. which should not signify anything, you want to watch Gold. If people buy up gold in large amounts it could mean they expect the stocks to fall, which usually means gold goes up so they keep a profit, or at least stay even.

What to do with all that platinum though? .. its odd though.

It's probably that rapper Nelly trying to make some more "grillz"

en.wikipedia.org...

Checking for conspiratorial factors to explain the spikes in the price of platinum reveals that rampant paranoia is alive and well.

The spike in platinum prices is easily explained. Like all commodities, the price of platinum goes up with demand. Many people think of platinum as a metal whose value is intrinsically linked to its' use in jewelry. Of course, platinum is an extremely desirable metal, like gold, in the jewelry industry. However, again like gold, platinum is, for all intents and purposes, a vital commodity.

Incidentally, when I say that platinum is a vital commodity, I mean just that. Platinum is, indeed, vital. One of the PGM's (Platinum Group of Metals); platinum, palladium, rhodium, iridium, ruthenium and osmium. These metals are essential in the production of about 25% of all the products that we use today, from turbine engines to catalytic converters for automobiles.

From time to time, as platinum stockpiles go up and down in tandem with fluctuations in demand, price spikes, especially in the commodity futures market are not all that unusual.

Incidentally, platinum demand is at an all time high and positioned to be in even greater demand. It would seem that platinum is a "metal of interest" in the development of advanced battery systems and in the development of technologies in the burgeoning nan-otechnology research field.

Thankfully, new sources of platinum are being discovered, primarily in South Africa (the worlds largest producer of platinum with over 70% of the worlds known resources. Recently new, and very promising finds have been made in South Africa, Sergio Leone and some other sub-saharan African nations. Russia and Canada are, however numbers 2 and 3 in known stock-piles.

So, there is no conspiracy associated with this price spike in platinum......but if there were, I'd be asking about the recent $100 price drop for Rhodium. What's up with Rhodium? Doesn't anyone want or even need this lesser known metal? Or is someone deliberately "messing" with demand so as to be able to corner the Rhodium market?

Rumor of a new platinum electronically traded fund is in the works and is creating a demand..

Platinum Jumps Most in Five Years on Speculation About Fund

Platinum rallies on talk of new ETF, technicals

When the silver ETF hit the market the price spiked too.

That's not so good for America because the military uses platinum in their missiles. Don't beleive me? Do a search on uses of platinum.