[Ed. Note: The headline should read–HSBC officially announces it is rigging the platinum market. Fundamentals? We don’t need no stinking fundamentals.]
According to the bank, the platinum market is likely to record a significant deficit in 2013 but, this does not necessarily imply higher prices.
by Geoff Candy, MineWeb.com
The platinum market is likely to hit a record deficit of 844,000 ounces in 2013, HSBC says, as supply shrinks and demand, especially from ETFs picks up.
But, despite this favourable fundamental picture, the bank has cut its average price forecasts for this year and next to $1,580/oz and $1,725/oz from $1,710/oz and $1,800/oz respectively.
The reason for this, the bank writes, is that “Platinum has been more influenced than we had anticipated by the sharp swings in the gold price and this will pull average prices lower for this year and next.”
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