21st January 2013 Weekly Bulletin

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21st January 2013 Weekly Bulletin

Johnson Matthey London Base Prices at 0900 hrs, $/oz:

Pt Pd Rh
Monday 21st January 1,676.00 720.00 1,150.00
Tuesday 22nd January 1,692.00 721.00 1,175.00
Wednesday 23rd January 1,694.00 727.00 1,175.00
Thursday 24th January 1,688.00 720.00 1,175.00
Friday 25th January 1,691.00 729.00 1,175.00

This week has seen investors move from gold's safe haven and into a rally in equities following the posting of positive economic data in the Eurozone, China, and US. The selling off of long positions in gold was further compounded by India's announcement that import duties on the yellow metal (and platinum, also) were to increase by 2% to 6%, although good physical buying in Southeast Asia has been enough to soften the fears of a blow to demand. Platinum has remained at a premium to gold this week and its strength has contributed to the raise in the pgm basket price, also supported by the palladium price and a depreciating South African rand.


Platinum was again supported this week by continued fears of strikes and further threats to supply following Anglo American Platinum's announcement of mine closures. Trading within a tight range throughout the week, most of the activity is already thought to be factored into the platinum price, with $1700 appearing to be the key level for triggering a sell-off. However, there's still more profit taking to be had and some investors have enough concern to continue to adopt a wait-and-see approach.


Supply concerns arising from the Anglo announcement, coupled with Friday's news that Russian State stock sales would be limited to a few tons in 2013, saw palladium follow its sister metal by trading within a comfortable range this week.


Rhodium increased by $25 to $1175 this week on the back of industrial demand in Asia, further supported by speculative interest where there was some booking of profit at the higher price. However, any activity had dried up by the end of the week. Ruthenium followed suit with some industrial interest from Asia.

Johnson Matthey, 
Orchard Road, 
Hertfordshire SG8 5HE, 
United Kingdom