Platinum prices have posted moderate gains this morning, and remain close to the recent highs of this current upmove. Given the recent sharp recovery in platinum prices, some traders feel that the undervaluation of platinum versus gold provided a large amount of support. Other traders feel that platinum probably needs something positive news from the economic front to strengthen these recent gains, but may not receive that support with US and Euro zone debt problems seemingly a long way from resolution. Platinum may be finding some additional support off fears that wage negations between a South African mining company and the miner's union might break down, as the miners have already requested a double digit wage increase. Japanese GDP during the second quarter was down 0.3%, a smaller decline than market forecasts and may be an early sign of stronger industrial platinum demand during the rest of this year.
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