Platinum climbs to 16-month high, extending premium over gold

London, Feb 6 (Bloomberg) Platinum today climbed to a 16- month high, extending its premium over gold, as investor holdings reached a record on concern that supplies will fall from mines in South Africa, which account for about 73 per cent of global production. Platinum rose 1.2 per cent to USD 1,730.15 an ounce. In early trade, it rose to USD 1,736.07, the highest price since September 22, 2011. Prices are up for a fourth consecutive day. Gold lost 0.1 per cent to USD 1,670.95 an ounce and silver fell 0.4 per cent to USD 31.68 an ounce. Holdings in exchange traded-products backed by platinum expanded one per cent to a record 51.5 tonnes. The company's platinum unit, the largest producer, last month proposed the halt of four mine shafts that would cut about 7 per cent of global production. One ounce of platinum bought as many as 1.0287 ounces of gold today, the most since August 2011. Platinum gained 12 per cent this year on mounting confidence nations from China to the US are leading a global economic recovery. Gold fell 0.3 per cent this year. (Bloomberg) RS KPS RAH DKR 02061702 NNNN