Platinum Miners Run at Gold's Top Spot

• By the tickerspy.com Staff
• On 11:12 am EDT, Thursday October 8, 2009

All-time high gold prices have done wonders for miners, but platinum stocks were more precious Thursday.

The dollar's decline has accelerated precious metals recently, and today platinum miners are coming out on top. Meanwhile, according to Bloomberg, the operator of the world's deepest platinum mine is looking to expand production by an estimated 130,000 ounces a year. The expansion will cost Northam Platinum an expected $814 million.

Investec Securities offered an optimistic outlook for platinum on October 5. Bloomberg quoted the firm, "Industrial platinum group metals demand will recover strongly across all economies while supply will remain constrained."

As a whole, the Platinum and Palladium Stocks Index is trading higher by 3% today.

Pink sheet platinum plays Aquarius Platinum (OTC: AQPTY - News), Anglo Platinum (OTC: AGPPY - News), and Anglo American (OTC: AAUKY - News) are among the day's top performers. All three are ahead by more than 3.5%.

Platinum Group Metal (AMEX: PLG - News) is soaring after the company announced positive results from a recent feasibility study. Meanwhile Polymet Mining (AMEX: PLM - News) and Stillwater Mining (NSYE: SWC) are also up by 2% or more.

The Gold and Silver Stocks Index remains the top performer over the last week led by Nevsun Resources' (AMEX: NSU - News) 50% run. Barrick Gold (NYSE: ABX - News) and Goldcorp (NYSE: GG - News) are among the sector's laggards despite double-digit one-week gains.

According to Bloomberg, platinum and gold compete as South Africa's largest export, and with both appreciating the country's rand currency is enjoying a rally to its strongest level since mid-September. The Wisdom Tree South African Rand ETF (NYSE: SZR - News) is up by 1% today. Other components of the Currency ETFs Index have also rallied against the dollar recently, some adding more than 2.5% in the last week.

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