Disappointing global economic data has put downward pressure on many
assets across the financial landscape this morning. Reports out of China
showed that the world’s #2 economy continues to suffer from a
contracting manufacturing sector
and the wave of disappointment continued into Europe with the regions
PMI hitting lows not seen in quite some time. Platinum reached as low
as $1596 and is now trading at $1617 as bargain hunting provides some
downside resistance…we’re off nearly $100 from
just a few days ago! Palladium is down roughly 2% on the trading
session and currently trading at $660. Much of the recent correction can
be attributed to the agreement between Lonmin and its miners at the
Marikana operation and the hope for improving circumstances
in South Africa. However, recent protests just outside Anglo Platinum’s
Rustenburg operation have resulted in 2 more fatalities and is a
reminder that the unrest persists. Have a great day!
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