Precious metal bugs are happy to hear that it is highly likely that platinum and palladium prices are set to rise as disruptions from South Africa continue, and with South Africa being the dominant supplier of platinum this is will almost certainly prop up prices.
Investment Grade Platinum
The platinum price may well overtake gold, as its price is highly sensitive to improving economies. Additionally the price of platinum is linked to China’s incessant appetite for new automobiles platinum doesn’t seem to be facing any demand issues only those of supply.
For example luxury car manufacturer Jaguar Land Rover has announced record sales in over 15 markets including China, India and Brazil as well as the UK. It is also one of the fast growing luxury brands in the United States also.
However, others have a difference of opinion and have stated that the platinum price is likely to take a similar path to that of its cousin gold. Glyn Stevens, INTL Commodities stated that he expects PGM prices to lower and palladium will follow, expecting platinum prices averaging $1,298/oz.
Meanwhile silver, has fallen by 0.46% this week on the back of low cues from global markets.