• September 25, 2023 10:18 pm
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The unique metal platinum is prepared for the most profitable quarter since 2008 on reserve concerns

Platinum

January 03, 2023: -The price of Platinum is up more than 20% since the previous September, and the metal is ready to share its best quarter since 2009.

On Thursday, Platinum increased another 5% to trade at $1,054.86 per troy ounce on Friday, up nearly 22% compared to the start of the quarter.

If the special metal surpasses a 19.89% uptick this quarter, last seen at the start of 2009, it will be the most significant quarterly increase since the initial quarter of 2008, when it is gaining a staggering 33.96%.

According to the World Platinum Investment Council, China has imported over amounts of Platinum since 2019, which has remained a limited above-ground supply for the rest of the world.

“This, in combination with higher prices being needed to release Chinese inventories to the domestic legal, could have a huge bearing on platinum market price discovery,” the Council’s Platinum Perspectives stated in December.

The Council expects a platinum deficit in 2023, with the growing demand by 19% while supply increasing by 2%. Despite global economic turbulence, with many states already in, or anticipated to tip into, recession, industrial demand for Platinum will be increased by 10% compared to 2022, which goes over the 10-year average, according to a press release by the WPIC.

The platinum demand in the automotive industry will continue to grow next year, while jewellery-based demand for Platinum is forecasted to remain constant all over 2023.

According to information by Reuters, Platinum earned 9% in 2022, beating other precious metals. Gold has lost virtually 1%, silver is up about 3%, and palladium has dropped 4%.

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The unique metal platinum is prepared for the most profitable quarter since 2008 on reserve concerns