Gold, Silver & Other Precious Metals 16 (Aug 17 - Jul 19)

Re: Gold, Silver & Other Precious Metals 16 (Aug 17 - Jul 19

Postby winston » Tue Sep 10, 2019 8:57 am

not vested anymore

Platinum prices surge as investors look to new safe haven

What’s happening? Platinum has received a boost in recent weeks from the surge in gold prices, with spot bids around $940/oz on September 6.

Negative interest rates have bolstered demand for gold and pushed prices sky-high in the process, driving investors towards platinum.

In the first half of 2019, investment demand in platinum amounted to 855,000 oz, driven by a surge in exchange traded fund (ETF) holdings, which gained 720,000 oz, the World Platinum Investment Council said last week. That interest comes on top of a market that is much tighter than it was six months ago.

What’s next? Platinum’s fortunes may be closely tied to the outlook for palladium, which faces glaring deficits.

In a 10 million oz palladium market, there was an 800,000 oz shortfall this year, and more than a 1 million oz potentially expected next year, according to WPIC.

The metal is currently trading at more than $1500/oz The organization believes platinum will be considered as a serious substitute for palladium in ICE vehicles. That could mean there is potential for platinum prices to be pulled upwards.

Source: Zero Hedge
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