Loading ...Platinum price crashes through $1,000 after German diesel ban
Platinum group metals were the hardest hit on generally weak precious metals markets Tuesday after a German court ruled that cities in Europe’s largest economy and world’s fourth largest automaker have the right to ban diesel cars.
The price of platinum were back in triple digit territory on New York futures markets on Wednesday falling 2% to a low of $983 an ounce. Palladium was also weaker at $1,033 an ounce as it continues to retreat from record highs of $1,138 an ounce hit in January.
“We’re witnessing the creeping death of diesel,” Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany told Bloomberg News.
The technology will still survive in some segments like trucks, but “if you’re a private car buyer, it’s very hard to pick diesel. The insecurity is growing.”
cont. http://www.mining.com/platinum-price-crashes-1000-german-diesel-ban/