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Switch to: Gold Prices Platinum Prices Palladium Prices
View: Commodity Information Market Times & Information
Current New York Time:
Nov 20th, 2008 09:13 am EST
Past Analytics:
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Platinum Consumption Information
Platinum is the principal metal of the six-metal group that bears its name; the other platinum group metals are palladium, rhodium, ruthenium, osmium, and iridium. All possess unique chemical and physical qualities that make them vital industrial materials.
Jewelry creates the largest demand for platinum, accounting for 51%. Automotive catalysts take 29% and chemical and petroleum refining catalysts, 13%.
Platinum is used in the computer industry and in other high-tech electronic applications since it is an excellent conductor of electricity, does not corrode, and has a low reactivity with other metals. This sector accounts for about 7% of consumption.
Platinum is among the world's scarcest metals; new mine production totals approximately only 5 million troy ounces a year. In contrast, gold mine production runs approximately 82 million ounces a year, and silver production is approximately 547 million ounces.
Supplies of platinum are concentrated in South Africa, which accounts for approximately 80% of supply; Russia, 11%; and North America, 6%.
Because of the metal's importance as an industrial material, its relatively low production, and concentration among a few suppliers, prices can be volatile. For this reason, it is often considered attractive to investors.
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New York Market
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Market hours (local time)
8:20 AM - 1:30 PM.
New York Futures Division gold futures and options are two ways of trading gold in
New York. They provide an important alternative to traditional means of
investing in gold such as bullion, coins, and mining stocks.
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New York
ACCESS MARKET®
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Market hours (local time)
2:00 PM - 8:00 AM Mon-Thu
7:00 PM - 8:00 AM Sun.
After-hours futures trading is conducted via the NYMEX ACCESS electronic
trading system beginning at 2:00 PM on Mondays through Thursdays and concluding
at 8:00 AM the following day. On Sunday, the electronic session begins
at 7:00 PM. All times are New York time.
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London
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Market hours (local time)
8:30 AM - 4:00 PM, with Fixing at 10:30 AM and 3:00 PM.
The metal prices fixed twice a day here, known as London Fixes, are the
guidepost for the official gold trading around the world.
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Zurich
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Market hours (local time)
8:00 AM - 5:00 PM.
The core is the mutual settlement(gold pool) of the three biggest banks
in Switzerland.
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Hong Kong
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Market hours (local time)
8:30 AM - 12:30 PM
2:30 PM - 5:30 PM.
Hong Kong is center of gold trading in the Far East and the Southeastern
Asia.
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Sydney
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Market hours (local time)
9:00 AM - 3:00 PM.
Australia's geographical location is a natural place to maintain the continuity
of the spot gold market after New York traders go home and before the
Asian traders wake up. Sydney opens up shortly after the NY market closes
and overlaps the Hong Kong market.
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Disclaimer: The real-time NYMEX data is restricted information and is only provided as a courtesy.
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