Precious Metals Among Top Performing Commodities

Feb. 19, 2008 - PRLog -- Precious metals continued to attract investors last week, with prices for both gold and platinum strengthening last week.

Spot platinum hit $2,055 per ounce on the NYSE on Friday - an all time high for the metal.

Friday's performance means the metal has now climbed 33 per cent in price since the start of the year.

Prices for platinum have been buoyed by supply shortages caused by nationwide electricity outages in South Africa, which have seen impaired production at a number of miners including Anglo Platinum and Impala Platinum.

Meanwhile, gold firmed above $910 per ounce on Friday and is expected to continue to garner fresh inflows as a result of favourable currency fundamentals and the perception among investors that it represents a safe haven in the current economic climate.

Kimberly Tara, managing director at FourWinds Capital Management, said: "People have been looking at gold as a refuge from some issues that have been going on with the U.S. economy and the dollar and platinum, in particular, because it has stronger fundamentals."

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