Daily Gold Update

Source: Bloomberg

New York— Platinum surpassed $2,100 an ounce for the first time after money managers increased investments to a record as a power crisis and accidents at mines and smelters curb output in South Africa, the largest producing nation. Investment in platinum-backed shares created by ETF Securities Ltd. rose to an all-time high of 288,680 ounces by Feb. 14, according to its Web site. Anglo Platinum Ltd., the world's biggest producer of the metal, on Feb. 15 said damage to a smelter in South Africa will take four to six weeks to repair. The country provides about 80 percent of global supply.

"People are focused on platinum this month rather than gold or silver," said Nik Bienkowski, the London-based head of research at ETF Securities. "Any constraint on supply or unexpected demand is probably going to have a greater impact on the market." Platinum for immediate delivery climbed to a record $2,119 an ounce and traded up $20.50 at $2,105 as of 4:24 p.m. in London. The metal rose above $1,000 for the first time in November 2005 and exceeded $2,000 on Feb. 13. See full story.