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Platinum's Worst May Soon Be Over Despite Record Bearish Bet

  • Price is near 10-year low and hedge funds bet on more declines
  • Analysts are predicting prices to soon start slowly recovering
A worker holds raw platinum ore in South Africa.
A worker holds raw platinum ore in South Africa.Photographer: Bloomberg Creative Photos/Bloomberg
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Platinum’s near the lowest in a decade and hedge funds have never been so bearish -- and that could be good news for prices.

The commodity’s had a torrid year so far amid ample supplies and as investors lost faith in precious metals. While speculators are betting on more declines, the large bearish wagers mean prices could be poised to rebound, according to ING Bank NV. The bank, along with Commerzbank AG and Macquarie Group Ltd., says platinum may be near a bottom.