The Platinum price continued to soar this week, reaching its highest level in almost 11 years yesterday at $1,350 per troy ounce, Commerzbank’s commodity analyst Carsten Fritsch notes.
Platinum ETFs register considerable outflows in recent days
“The price discount to gold then narrowed to less than $2,050 per troy ounce. The last time it was lower was three months ago. In the meantime, however, the price has slipped back below the $1,300 mark.”
“There are warning signs that the price increase may have come to an end for now. The Platinum ETFs tracked by Bloomberg have registered considerable outflows in recent days. Within a week, their holdings have fallen by almost 190 thousand ounces, which means that almost all inflows since the beginning of the year have been wiped out.”
“Apparently, ETF investors see the significantly higher price level as an opportunity to sell.”