Great info Johndefur,,,I did not realize the connection with the Chromium and Breccia Zone.
But what I do think is if we(or an area play) find more Platinum,,,,than the bidding war could get intense. Platinum has been soaring the last six months. And it now looks like demand for industry will exceed production.
LONDON (Reuters) - Platinum set an all-time peak above $1,450 an ounce on Thursday as supply concerns grew after the closure of two mines, while gold rose towards 28-year highs.
Speculators and investors also poured money into metals on a weaker dollar, strong oil prices and tensions in the Middle East. Prices had room to go higher on bullish sentiment, before slipping on profit-taking, analysts said.
"The closure of mines is bullish news for the platinum market, which has shown supply shortfalls and stock drawdowns through most of the past decade," said Michael Widmer, director of metals research at Calyon Corporate and Investment Bank
"At present, we forecast this year's market deficit at 100,000 ounces, which suggests that platinum prices should remain well supported in the near-term," said Widmer, who saw prices rising to $1,500 by the end of this year.
Spot platinum rose as high as $1,451 an ounce before dipping to $1,442/1,446 by 0953 GMT, against $1,435/1,440 in New York late on Wednesday.
The world's biggest platinum producer, Anglo Platinum , said it had shut its Paardekraal shaft in Rustenburg on Wednesday after one worker was killed in an accident.
South Africa's Northam Platinum Ltd said the previous day it had shut its mine early on Tuesday after a worker was killed in a rockfall. The mine produces about 325,000 ounces of platinum a year.
The world market for platinum, used to make jewellery and clean car exhaust fumes, closed 2006 with a small surplus of 10,000 ounces after seven years of deficits, with total supply of 6.785 million ounces surpassing demand of 6.775 million.
Traders said platinum lease rates, which also indicate market tightness, have risen to 3.42 percent for one month from around 2.0 percent one month ago.
