Platinum Price Prediction for 2022: What Do Experts Predict?
Are you planning on investing in Platinum, or just curious about it? Platinum is one of the most precious metals in the world. In this blog, we’ll be looking at how Platinum is currently performing, the trends around it, and what the future holds for it.
Platinum started the year 2021 with a little over 1,000 dollars per ounce. In March, platinum prices took a hit and fell as low as 650 dollars per ounce.
Around 40 percent of the platinum demand comes from the automotive industry since Platinum is used in chips, catalytic converters, and exhaust systems to curb the emission of harmful gasses. The drop in prices resulted from the decline of vehicle manufacturing due to the semiconductor chip shortage.
However, Platinum bounced back in late October and is currently trading at 1,017 dollars per ounce.
We saw a constant rise in Platinum prices. If it hadn’t been for the chip shortage, Platinum would be trading at over 1,200 dollars per ounce by the end of 2021.
With the world moving towards greener, environmentally safe practices, especially in the automotive sector, Platinum’s demand is expected to rise sharply in the upcoming years. It’s also highly popular in the jewelry sector as well.
Experts’ Prediction for 2022 and Beyond
Experts have predicted a rise in demand and the prices of Platinum. Platinum is expected to end 2021 at 1,040–1,080 dollars per ounce and do well in the upcoming years. Wallet Investor, an algorithm-based predictor website, predicted Platinum could end 2022 trading around 1,200 dollars per ounce, and rise from there onward.
Neal Froneman, CEO of Sibanye Stillwater limited, one of the biggest mining companies of Platinum, said that the prices of Platinum are set to surge, with an increase of over 80% expected in the upcoming four to five years.
With Platinum prices set to increase, many see it as a good investment opportunity. If you’re looking to buy any kind of platinum products in Los Angeles, Orion Metal Exchange deals with a variety of precious metal coins and bullions. You can buy gold, silver, or platinum coins from us. We also have gold and silver IRA services available. Contact us now to learn more.