Platinum Soars on Bush Call for Fuel Cell funding

Supply concerns for the metal underpinning prices.

Published: 05-Feb-2003

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LONDON - Platinum soared to its highest price in nearly 17 years last week, boosted by U.S. President George W. Bush's call for more research into fuel cell technology.

Spot platinum traded at $673.00 an ounce, hitting levels not seen since September, 1986 and marking a rally that has taken the white metal from under $450.00 last year.

Bush called in his State of the Union speech on Tuesday for $1.2 billion to develop hydrogen-powered vehicles that would use platinum in fuel cells, sharpening the appetite of investment funds for the metal. "We've been hearing about fuel cells for ages and ages, but it seems the funds piled in after Bush's speech," a brokerage analyst in Tokyo said.

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