Newman spoke Wednesday at the International Precious Metal Institute’s Auto Catalyst and Fuel Seminar in Atlanta, Georgia. Platinum dropped 4% to US$895 ounce over the past 365 days. Over the identical period, palladium shot up forty-eight% to US$1,279 oz—palladium benefits from extra stringent emission standards. Palladium is better appropriate to the cutting-edge era of catalytic converters. Despite platinum group metals being used predominantly for commercial applications, platinum is still a valuable metallic.
“There is a relationship between platinum and gold,” Newman said. “Yes, we’ve got seen the bargain reach record ranges, and that has invited investor skepticism. We trust the relationship nevertheless holds, and with a purpose to be the main driving force for the platinum charge.” Metals Focus stated gold will test the USA$1,400 oz. Level this 12 months to pull platinum fees higher.