Platinum’s Premium to Gold Widens to 17-Month High; Gold Slips
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Platinum rose for a second straight day, widening its premium to gold to a 17-month high, on concern supply may fall after Zimbabwe seized land from the nation’s top miner of the metal. Gold retreated.
Zimbabwe, the third-biggest platinum producer and fifth-largest palladium miner in 2011, repossessed about 69,000 acres of land from Zimplats Holdings Ltd. to offer to new investors, Mines Minister Obert Mpofu said yesterday. One ounce of platinum bought as much as 1.0519 ounces of gold in London today, the most since August 2011, data compiled by Bloomberg show.