The precious metals complex continues to press higher in early trading.

The precious metals complex continues to press higher in early trading. However, you’ll notice that one metal clearly stands out from the rest. Platinum is up nearly 2% and at one point broke through the $1700 level as reports of mine closures at Amplats sent the white metal soaring. Anglo American Platinum, the world’s #1 platinum producer, announced the shuttering of four shafts at the company’s Rustenburg operation and their intention to sell-off a fifth mine. Production at the site is expected to be reduced by 400,000 t.o. per year. The shake-up has Platinum currently trading at $1691. In domestic news, the Commerce Department reported that retail sales increased by .5% to end 2012 with help from auto sales and the Labor Department said PPI fell .2% to end the year. Earnings season will be in full swing tomorrow so it’s unlikely that these economic reports will pull investors off the sidelines prematurely. Have a great day!