Analyzing The Fluctuations in Platinum Prices
Platinum is one of the most precious metals found on Earth. It is a dense, malleable, ductile, highly unreactive, silver-white transition metal. This metal has a wide range of uses, but it was only discovered in the 19th century. The platinum industry has been experiencing a dramatic increase in the prices of platinum over the last few years and it is expected that this trend will continue for at least another decade. This blog will discuss how platinum market experts predict price fluctuations to occur and what investors can do to take advantage of these changes.
Factors That Affect Its Price
Various factors affect platinum prices and hence you need to consider all these aspects before buying platinum online. Platinum’s price is affected by factors that affect the entire economy, such as interest rates and inflation. Its price also fluctuates based on supply and demand. The supply of platinum is affected by the mining output in South Africa, which accounts for more than 70% of the world’s output.
Relationship to Palladium and Jewelry
Platinum prices are also closely tied to the price of palladium. This close relationship is because platinum and palladium are often found together in ore deposits. As a result, their markets are generally correlated. Platinum has been used for centuries in jewelry and other applications because of its unique properties. Platinum is used in many industries, but it is also used in jewelry making. Sometimes the value of jewelry goes down with the fall in the price of platinum.
Platinum Prices and the Auto Industry
Platinum is used in making catalytic converters used in automobiles. When the auto industry is doing well, the prices of platinum and palladium tend to rise and vice versa.
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