I remember for a while when this metal was higher than Gold. It's lost a good deal of its value. It's currently about $952 per ounce as of today.
Im thinking the rise of palladium in industry for catalytic converters over platinum. Not sure if palladium is easier to work with, is more efficient, not sure. People seeing gold over platinum as a better ways of wealth preservation maybe? Gold more popular for jewelry? Platinum is kinda the black sheep of the metals. Pretty sure its time to shine is coming soon though, its making some pretty chunky moves up.
Here’s a viewpoint you won’t hear from the educated PM investors...... Silver and gold have built empires since the dawn of man. Platinum is a relatively new player in the precious metal arena. In fact, platinum was a nuisance to early miners and was even used as a base metal to counterfeit gold only a few hundred years ago. Relatively speaking, it is a newcomer and doesn’t come with the aura that gold and silver have had for thousands of years...... Think of it like this. Girls with green and purple hair are a fairly recent occurrence. Great to date and have fun with.. For a while. Then, well it just becomes a bit odd....... Like I said, not an educated PM investors view by a long shot. But bet your bottom dollar on this. Gold and silver have built empires for thousands of years. They will continue to do so when all the upstart PM fads lose their luster.
That's an interesting point of view for sure. And Platinum has completely different uses in industry than other metals so I could understand that being a different driver than Gold or Silver.
Support for the long term levels of gold and most of silver is the amount needed around the world for jewelry. Gold and silver are softer than Platinum and that makes working it more difficult. PM people think it is their small world that can make the price go up or down, but jewelers don't order just in ounces or portions of ounces, they need a lot more as they know with the right design they can get multiples than just the metal itself. Since most people buying jewelry have a difficult time determining if it is the proportion that is on the tag or object, you have to able to verify it. In parts of the world stainless steel has become a inexpensive substitutes of gold and silver. More sturdy, harder, so doesn't scratch as easy and machines can manufacture rings or jewelry as a steel product ( no worry about scraps as they are not valuable, whereas silver and gold shavings have to be recovered. The price of PM is not just how the market goes, I think changes in value are 3/4 psychological and 1/4 value. IMO. Jim
I agree Randy, wars are fought over gold not platinum. I have one Platinum Eagle and I bought it on impulse a few months back. If I could do it over I would have paid the extra couple of hundred for another Gold Eagle.
The overwhelming majority of palladium is used in autocatalysts for most gasoline powered vehicles. Platinum was the metal of choice but was expensive and automakers found a way to make the much cheaper palladium work. The increase is vehicle sales in recent years, more strict vehicle emission standards, and supply limitations have pushed palladium prices up. Platinum remains the metal of choice for autocatalysts in diesel vehicles however. But thanks to VW, diesel vehicles have fallen out of favor around the world, resulting in a drop in demand for platinum autocatalysts. The two metals should eventually even out as the industry starts to roll the now cheaper platinum back into gasoline autocatalysts. Long term, I do not have high hopes for either metal as more and more battery electric vehicles enter the market.
Palladium is used in catalytic converters and several mines shut down. Also, the Russians took alot of supply off the market while platinum flooded the market. Reversal of 10-15 years ago.
I'd say the one that can't even reach $20 is the "black sheep" of the family. Not the one close to $1000
Platinum in my opinion is an excellent value right now ! bought allot in the high $800,s and consider it, way under valued, like most of the PM,s value is creeping up, still try and pick up an once or two a month.
Yes Platinum still had a great deal of room to grow. Palladium has gotten so high there will surely be some switching back as well.
If EV's replace ICE's in autos, then platinum and especially palladium take a big industrial demand hit.
that was true back around 1940. Probably outdated in the digital age. Won't hurt to have some platinum
Still like Platinum for jewelry over gold and silver for settings, chains, etc but this is a different aspect.
Welcome to the world of commodities. Gold is somewhat different (silver, too, to a lesser extent) because of what I think of as religious significance. Everyone's terribly excited about palladium these days, but: We've already missed the really good opportunity. At least this time around.
