International Metals sees South African coal strike as prime investment time for PGMs

Aug. 1, 2011 - PRLog -- CHICAGO – On July 29, palladium and platinum hit significant highs surrounding South African coal strike concerns. Palladium jumped to $825.90 per ounce, and platinum reached $1,783.40 per ounce.

Bill Perry, president of International Metals – a precious metals investment and trading firm with offices in Chicago and Toronto, Canada -- said the supply of platinum group metals (PGMs) such as palladium and platinum is threatened.

“South Africa is the world’s largest platinum producer, and one of the two largest palladium producers,” said Perry. “Investors are concerned about the future of South Africa’s platinum and palladium supply, so they’re flocking to purchase these precious metals.”

About 30,000 South African coal-mine workers have gone on strike in hopes of garnering better pay, according to various news sources.

Perry said high gold and silver prices have also affected the performance of palladium and platinum. “When gold is shining, then investors often purchase other precious metals. They are all seen as safe-haven investments in volatile economies.”

Perry believes gold will continue to rise in the long term, but in the near short term be prepared for a sharp correction– particularly if U.S. lawmakers come to a solution for tackling the country’s $14 trillion debt before their Aug. 2 deadline.

Other factors affecting palladium and platinum’s success are Japan recovering from its massive spring earthquake and tsunami, and the auto industry’s above average performance.

“The auto sector needs platinum group metals for emissions control in car manufacturing,” explained Perry.

International Metals offers precious metal investors the opportunity to purchase PGMs such as palladium and platinum for immediate personal delivery – or investors may arrange for a secure 100% Lloyds of London insured vault storage at an independent bank or depository.

Perry advises investors to visit his website at http://www.internationalmetals.com for additional information about how to begin investing in the PGMs.

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About International Metals Trading & Investments, Ltd.

International Metals Trading & Investments, Ltd. provides certified COMEX, NYMEX and LBMA-certified precious metals to private and institutional investors. International Metals clients can purchase their precious metals for immediate personal delivery or arrange for a secure 100% Lloyds of London insured vault storage at an independent precious metals depository. The company has offices in the heart of downtown Chicago and in Toronto, Canada. For additional information, visit http://www.internationalmetals.com.