Platinum reached an almost 10-month high on signs increased demand from car companies will add to a supply shortage. Gold held near the highest in three months. Investor holdings in platinum- and palladium-backed funds are at or near records as demand from automakers and a South African mining strike that lasted five months leads to a third successive supply deficit.
Platinum futures looks strong too. Yesterday it was announced that U.S. auto sales set a record pace of 16.98 million in June, the fastest in almost eight years, according to researcher Autodata Corp. This, amid reports of revived mining strikes in South Africa, continued dollar weakness, and a high trading volume has investors looking up.
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