Platinum

Gold for December delivery had shed $40 or more than 2% by lunchtime coming close to breaching the $1,600/oz level in New York before before regaining some ground to trade at $1,618 an ounce by early afternoon. Traders said the metal is likely to remain a “dead trade” until it can resume its role as a fear barometer and is able to rally in face of equities weakness and that a "solid downtrend" has now been established. Some analysts are saying gold's precipitous $300 drop in September represented a fundamental market shift and that gold's fall despite market volatility and economic uncertainty means the metal has lost its safe haven status and is being treated like any other commodity.

HAMILTON, Bermuda, Oct. 18, 2011 /PRNewswire via COMTEX/ -- Platinum Underwriters Holdings, Ltd. PTP +2.18% today reported a net loss of $53.5 million and a loss per common share of $1.43 for the quarter ended September 30, 2011. The results for the quarter include net premiums earned of $166.8 million, net favorable development of $27.8 million, net investment income of $29.8 million and net realized gains on investments of $7.5 million. The results also reflect the net negative impact of $112.4 million from major catastrophe losses, net of retrocessional coverage, reinstatement premiums and taxes.

Commodity Online reports platinum group metals miners may be hit by the rapid growth in the number of electric cars on the road that do not need catalytic converters. In addition, manufacturers like Nissan have slashed the use of platinum in gasoline-powered vehicles in efforts to keep costs down. The drop in industrial demand has not nearly been offset by the surge in jewellery sales and platinum has lost almost a fifth of its value since the start of September while palladium is down 23%. FT quotes Barclays Capital research that notes at current levels of about $1,530 an ounce, platinum is trading close to or below the price at which some miners break even and that high-cost producers are already losing money.

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that it has retained the services of Wardrop, A Tetra Tech Company ("Tetra Tech") and AMEC, two large multi-disciplinary engineering companies to complete the required studies for the development of its Broken Hammer deposit in Sudbury, Ontario. Tetra Tech will complete the Pre-Feasibility study ("PFS") and the subsequent Feasibility Study ("FS"). AMEC will complete the Environmental and permitting requirements. "The successful delivery of the bulk sample and its expected results have brought this project to the next phases of development namely Pre-Feasibility, Feasibility, and permitting."

North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") to enter into a joint-venture on North Bay's Fraser River Platinum Project in British Columbia. The Fraser River Platinum Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. The property includes the Van Winkle Bar, from which BC MINFLE 092ISW078 and BC Open File 1986-7 have documented historical assays of 5681 grams (182.67 ounces) per tonne platinum from black sand concentrate.

After launching its eBay bullion center in May, the online retailer published a handy infographic this summer to look at buying trends. Looking at absolute number of items sold, California leads the way, probably due to the size of the state, but on a per capita basis, Alaska comes first. The study also found that silver items were the most popular, followed by gold. Platinum was a distant third.

Canadian-based exploration and development company Colossus Minerals was trading lower in a lacklustre Toronto market on Friday after announcing it had raised $75 million in a bought deal. Colossus is active the mineral-rich Carajas region of Para State, Brazil where it is advancing the Serra Pelada project into production. Billed as one of the highest grade gold and platinum group metals deposits in the world, the area was host to the largest precious metals rush in Latin American history from 1980 to 1986.

FT reports in 2010 the market loved palladium. It was the best-performing precious metal. But, as Barclays Capital points out in a note, 2011 has seen palladium fall off its pedestal. At about $600 an ounce it has shed 25% since the start of the year. Industrial demand – the primary factor determining prices – for platinum and palladium took a severe knock from the Japanese earthquake and tsunami disaster in March but supply disruptions and falling grades in South Africa, the world’s number one miner of the two metals, and ongoing political turmoil in Zimbabwe, the country with the second largest deposits, could provide a floor for the price.

A mining contractor at Aquarius Platinum's Everest Mine is on strike. The strike has been called by the Association of Mining and Construction Unions, which is demanding full organizational rights under the South African Labour Relations Act. The contractors on strike are employees of Murray & Roberts Cementation. "This is a technical dispute between AMCU and MRC, and no demands are being made by AMCU of Aquarius or its subsidiaries," said Aquarius Platinum (ASX:AQP) in a dispute.