Thorsten Proettel News
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Gold traders are the most bullish in four months as U.S. lawmakers near a deadline for budget talks, at a time when hedge funds are cutting bets on higher prices.
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The first drop in platinum mine supply in four years and record car sales, the biggest source of demand, are reducing a surplus of the metal and shoring up prices on the brink of a bear market.
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Hedge funds are siding with analysts predicting decade-high palladium prices even as investors cut holdings in exchange-traded products backed by this year’s worst-performing precious metal.
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Investors are accumulating enough bullion to fill Switzerland’s vaults twice over as gold’s most- accurate forecasters say the longest rally in at least nine decades has further to go no matter what the economy holds.
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After the worst January for precious metals in two decades, investors still have a $102 billion bet on higher prices, hoarding more gold than all but four central banks and more silver than the U.S. can mine in almost 12 years.
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Gold futures rose to a six-week high as Europe’s escalating sovereign-debt crisis spurred demand for a haven.
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Investors are buying platinum at the fastest pace since 2010 after disruptions at South African mines caused the biggest loss of supply in at least seven years.
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The Brink’s Co., which stores and transports bullion, is set to open one of the world’s largest precious metals vaults in the London area within the next month, at a time when investors’ gold holdings are at a record.
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Carmakers will use a record $7 billion of platinum in catalytic converters next year, diminishing a glut just as mine production declines for the first time since 2008.
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Aquarius Platinum Ltd., the weakest performer among 610 stocks on London’s FTSE All-Share Index in 2012, challenged rivals to cut production and end a supply glut that means as much as half of industry output is unprofitable.
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