Wildcat strike by miners at Amplats

Platinum made an effort to regain the $1700 level yesterday on the back of fears surrounding a wildcat strike by miners at Amplats, The worlds #1 platinum producer had announced, earlier this week, some restructuring plans that included 14,000 job cuts. Needless to say, the workers weren’t exactly going to turn a blind eye but reports are that workers have returned to the mines ahead of union talks with Amplats management. Platinum has since retreated nearly .5% from yesterdays close and currently trades at $1687.The precious complex as a whole finds itself under some pressure this morning with gold having lost .7% to start the day and silver down more than 1%. Given the strong start to 2013 some profit taking is to be expected. First time jobless claims shrunk by 37,000 applicants but look for that number to go back up once employers clean house on seasonal employment. Chinese GDP data is scheduled to be released overnight which could lend some support to the metals. Have a great day!