By Dave McCombs Oct. 9 (Bloomberg) -- Platinum futures in Tokyo fell for a ninth time in 11 days as global financial turmoil prompted speculation some investors would sell the metal and buy gold, which is easier to convert to cash. The metal is down 21 percent in Tokyo since Sept. 15, the day Lehman Brothers Holdings Inc. filed for bankruptcy, prompting seizures in credit markets from the U.S. to Europe and Japan. Gold futures in Tokyo have gained 10 percent in the same period. ``Gold is still benefiting from the turmoil but platinum group metals are struggling for support,'' Walter de Wet, an analyst at Standard Bank Plc in Johannesburg, said in a note to clients dated yesterday. Platinum for August delivery dropped 1.6 percent to 3,179 yen a gram ($982 an ounce) at the 11 a.m. break on the Tokyo Commodity Exchange. The most-active contract yesterday sank to 2,986 yen a gram, the lowest since June 15, 2005. Metal for immediate delivery shed $7 to $995.50 an ounce at 12:02 p.m. in Tokyo, a 0.7 percent drop from New York yesterday. To contact the reporter for this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net

Source