87 days ago • Posted by William Ramstein
Platinum reaches 2014 levels: Spot going for 1400.
Platinum has emerged as this year’s top-performing major precious metal, surging to the highest since 2014. Its use in catalytic converters has propelled demand amid optimism over the automobile industry’s post-pandemic recovery and stricter emissions rules for vehicles. Holdings in platinum-backed exchange traded funds have hit a record. “There remains a convincing fundamental case for higher platinum prices,” wrote Georgette Boele, senior precious metals strategist at ABN Amro Bank NV, who upped the bank’s forecast to $1,400 an ounce by the end of 2022. “We continue to expect strong industrial demand and demand for car converters. Moreover, platinum prices may not be as cheap as they were, but they are still relatively cheap compared to other precious metals.” - Bloomberg