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Coin Collecting NewsUS platinum futures hit high on funds, supply fear
NEW YORK, Dec 18 (Reuters) – Platinum futures in New York rallied to hit a contract high Tuesday on the back of strong buying by funds and banks amid supply fears, but a slowing U.S. economy casts a shadow on the strength of the metal in the near term.
Gold contracts also rose sharply, fueled by platinum’s rise, a weaker dollar versus the euro and inflation worries due to higher crude oil prices, dealers said.
“Fund buying. There is definitely buying coming out of all the majors (banks and commission houses). They are buying the platinum right now,” said Ralph D’Esposito, a NYMEX floor trader with RJ Futures in New York. Read Full Article
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Koichi Ito | Dec 19, 2007 | Reply
Platinum is good investment. This is good for investing in Platinum Coins as well. Remember that 1997 Proof Platinum Eagle Set was selling at $1350 in 1997! This coin set was sold out within month that year. It is likely that price of platinum goes up to $2000 per ounce within one year!