Workers at Anglo American Platinum (the largest PT producer) have decided to go on strike along with Impala and Lonmin.

Workers at Anglo American Platinum (the largest PT producer) have decided to go on strike along with Impala and Lonmin. The Association of Mineworkers and Construction Union (AMCU) make up roughly 60% of the workforce in Anglo. The union is demanding entry level wages of at least $1,150 a month. If these demands are not met, the strike will go into effect this week. As a result, Platinum prices are seeing support and trading approximately $15 higher this morning. 

Gold continues to trade sideways and speculative data shows that the number of shorts and longs continue to rise. It’s difficult to predict the path gold is taking since it hasn’t broken through current levels and the Fed doesn’t meet until next week. It’s a very quiet day as the stock market is closed for Martin Luther King Day. Please note that since the electronic trading platform will close at 1:15 PM today, we will stop quoting prices as of 1:00 PM.