Wednesday, May 21, 2014
Platinum, Palladium May Soar on Russia Woes and South African Strikes
Palladium earlier rose to a three-year high as sanctions against Russia worried investors that the country may tighten production of the white precious metal. ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that Russia concerns could push the palladium price to $1,000 an ounce. Platinum, on the other hand, hasn't received a huge boost amid protracted mining strikes in South Africa. Should these continue longer, McGlone says, platinum could spike higher. While gold remains range-bound, McGlone says investors should keep an eye on platinum and palladium.