GM bankruptcy lends relief to platinum
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Platinum Investing News reports platinum prices doing well with GM bankruptcy.
Platinum suffered major setbacks last year, as auto sales grinded to a halt. However, as shrinking auto demand sent prices on a downward spiral, the market got an unexpected boost from bullish investors and jewellers. In 2008, 47 per cent of platinum demand came from the auto sector, a 49 per cent decline in comparison to 2007. Although jewellery and investment have lifted the metal, a full recovery is expected only when carmakers experience a turnaround.
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