"Really, this is just a classic supply situation, or supply shock situation, that I think now is just now starting to catch up with the market," said Rhind. "We have inventories in South Africa for platinum which are the lowest we've seen this century."

The supply problems have stemmed from last year's mine strikes and political strife in South Africa.

Gold mining stocks were mixed on Wednesday. Shares of Barrick Gold ( ABX) were rising 0.71%, but shares of Gold Fields ( GFI) were off 1.3%.

Among volume leaders, Goldcorp ( GG) was rising 0.03%, and Kinross Gold ( KGC) was adding 0.12%.

Gold ETF SPDR Gold Trust ( GLD) was up 0.23% on high volume, while iShares Gold Trust ( IAU) was tacking on 0.14%.

-- Written by Joe Deaux in New York.

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