Platinum oversold as price tanks
By GCRU Gold News on Tuesday, November 4 2014, 23:29 - Permalink
So, while PGM-watchers haven't writen off more price pain, they tend to favour some bottom or near-bottom in the price of platinum forming at the moment. "While it is still hard to call a bottom, we think the selloff has largely run its course," Standard Bank's Charles De Wet recently remarked to the WSJ. Likewise, UBS has told clients that platinum below $1,300/oz is a "buying opportunity." And in the same vein, HSBC's James Steel said that at current prices the precious metal is oversold.