PPLT $135.57 up .97% GLD $121.40 up 1.09%. See chart below.
A chance for our long platinum/short gold pair trade to shine (again).
One note of caution The ISM numbers on manufacturers may not be a good sign for the catalytic converter biz.
Bloomberg via Zaire's Mail & Guardian:
Amplats to cut up to 1 400 jobs as strike shrinks output
Anglo American Platinum will cut as many as 1 400 jobs as a strike that has shrunk output at the biggest producer of the metal by half headed for a third week.
The cuts planned for this year follow a loss of 7 438 jobs in 2013 as the Anglo American Plc unit known as Amplats merged five mines at its Rustenburg complex into three. It will remove 1 200 to 1 400 staff this year after reclamation at the closed mines is finished, chief executive Chris Griffith said.
"By the end of this year we expect that job will be complete," he told reporters on Monday. "If there are vacancies across the group, we will be able to redeploy those people."
Plans to cut as many as 14 000 jobs announced in January 2013, as Amplats sought to reverse losses at its Rustenburg mines of more than R1-billion every six months, were scaled back under pressure from unions and the South African government....MORE
Recently:
Jan. 25
The Gold/Platinum Pair Trade: What a Difference a Couple Days Make (GLD; PPLT)
I fear I may have some 'splainin' to do at the Monday morning meeting.Jan. 22
South Africa Gold Strike Delayed, Platinum Walkout Is On" (GLD; PPLT)
This is about as good as it gets for our little short gold/long platinum pair trade.Jan. 20
More on South Africa's Striking Mineworkers
Jan. 20
UPDATED--South African gold producers receive strike notice from AMCU
And where this madness began:
Nov. 26, 2013
"Platinum deficit to widen while prices decouple from gold"
Nov. 24, 2013
If You Absolutely Have to Have Precious Metals Exposure, Consider Platinum (HSBC)
