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Posts Tagged ‘platinum shortage’

Shortage of platinum after Japan buying spree

Posted by truthpills on 2009/02/18

From The Times
Leo Lewis, Asia Business Correspondent
February 11, 2009

Families are rushing to invest in the metal as faith in the Government’s ability to handle the economic crisis dwindles

Tokyo bullion dealers are reporting an unprecedented drought of platinum ingots and coins, blaming the economic downturn and dwindling faith in the Government for a rush by middle-class Japanese families to buy precious metal.

With dealers turning away would-be platinum customers for lack of stock, retail investment interest is turning towards the even rarer Canadian Maple Leaf palladium coin.

Some dealers are predicting volatile palladium prices as Japanese investors compete with the car industry, palladium’s main industrial buyer.

A government think tank is predicting that Japan’s economy shrank by an annualised 10.59 per cent in the final quarter of 2008 – rather than the 5.14 per cent contraction they were predicting four weeks ago.

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