Platinum is a valuable metal widely employed in the industrial and manufacturing sectors, notably in automobile pollution control equipment. Platinum is utilised in production, so its price may rise as the global economy has recovered from the epidemic. Platinum is also used in jewellery and the demand for it is high across the world. The Platinum future is also great in the renewable energy market.
In 2021, the platinum market was enormously flooded globally. Based on this data, the World Platinum Investment Council (WPIC) predicted the platinum future and expected another substantial surplus of the metal in 2022.
This metal is used as an investment in several ways, including hedging and speculation. If you wish to add platinum or other precious metal to your portfolio, you should consult a financial expert and stay updated with the market.
Impact Of Market & Other Factors On Platinum Future
Trevor Raymond, the head of WPIC Research, said that significant growth in the prices of palladium caused by the Ukraine war might prompt manufacturers to turn to cheaper options i.e. platinum. This could be to save money rapidly which in turn will end in increasing the demand. Also, 25 to 30 per cent of the world’s palladium supply and 7 to 10 per cent of platinum supply are contributed by Russia.
Uncertainty over Russian shipments has driven palladium prices to all-time highs of more than $3,000 per ounce. Platinum prices have grown leisurely to roughly $1,170 per ounce. As per WPIC, the 8 million ounces per year market was oversupplied in the year 2021 by 1.23 million ounces, with an abundance of 652,000 ounces forecast for 2022.
Long-Term Platinum Future Predicted By Popular Investment Banks
Long-term predictions about the price of platinum show that there is room for the cost to keep going up. In 2020, the website Wallet Investor predicted that the price of platinum would go down from $1,235 per ounce at the beginning of June to a high of $1,215.83 per ounce by the end of 2021.
But the service predicts that the price will go up again in 2022, reaching $1,318.32 an ounce in September 2022, then dropping to $1,275.70 in December 2022 before rising to $1,406.84 an ounce in May 2023.
Anther investing bank, Wallet Investor claims that metal’s price will rise to $1,455.77 per ounce in December 2024, $1,535.46 per ounce in December 2025, and $1,643.64 per ounce in May 2026.
Every established investment bank is predicting the rise of platinum prices. Platinum future is bright and investors who’re planning to invest in it can build their portfolio with ease. This reflects that one should invest in platinum and palladium for future financial security. If you want to invest in Platinum, Palladium, or Gold, RPS Gold is the one-stop solution for you. Buy Palladium bars or platinum bars from a reliable vendor at reasonable prices now and get a hedge against inflation.