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It is high time credit card companies rechristened their platinum cards as GOLD. Platinum prices are now almost 50 per cent cheaper to gold $1,020/oz vs. $1,840/oz of gold.
At its peak in 2008, the metal was over double the price of gold the former was trading at $2,069/ounce and the yellow metal was trading at $925/ounce. So, is platinum a raging buy now? Well, before delving deeper into fundamentals of the metal, one needs to understand what has made the metal cheaper and less precious than gold.
The grey-white metal derives about 40 per cent of its demand from autocatalysts. Autocatalysts are devices that are part of the exhaust system in cars that use as a catalytic converter to convert harmful emissions into harmless CO2 and H20. In diesel engine cars, platinum is used in the making of autocatalysts. Demand for platinum and its price is thus influenced by trends in the auto sector, especially the diesel vehicle market.
After the Volkswagen scandal in 2015 when the company cheated emission tests in the US, preference for diesel engine cars started to drop on concerns over pollution. Global emission standards became more stringent and many countries including those in EU started reducing production of diesel cars. In the September quarter of 2020, the market share of diesel cars in EU was 29.4 per cent; in the same quarter previous year, it was 32 per cent and in September quarter 2018 it was 36.3 per cent (Source: European Automobile Manufacturers Association). In 2017, share of diesel cars in total auto sales in EU was about 45 per cent.
https://www.thehindubusinessline.com/markets/commodities/is-it-time-to-invest-in-platinum/article33301861.ece
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You can enroll as a voter for MLC elections now if you have not enrolled earlier. https://ceotserms1.telangana.gov.in/MLC/Form18.aspx It is high time credit card companies rechristened their platinum cards as GOLD. Platinum prices are now almost 50 per cent cheaper to gold $1,020/oz vs. $1,840/oz of gold. At its peak in 2008, the metal was over double the price of gold the former was trading at $2,069/ounce and the yellow metal was trading at $925/ounce. So, is platinum a raging buy now? Well, before delving deeper into fundamentals of the metal, one needs to understand what has made the metal cheaper and less precious than gold. The grey-white metal derives about 40 per cent of its demand from autocatalysts. Autocatalysts are devices that are part of the exhaust system in cars that use as a catalytic converter to convert harmful emissions into harmless CO2 and H20. In diesel engine cars, platinum is used in the making of autocatalysts. Demand for platinum and its price is thus influenced by trends in the auto sector, especially the diesel vehicle market. After the Volkswagen scandal in 2015 when the company cheated emission tests in the US, preference for diesel engine cars started to drop on concerns over pollution. Global emission standards became more stringent and many countries including those in EU started reducing production of diesel cars. In the September quarter of 2020, the market share of diesel cars in EU was 29.4 per cent; in the same quarter previous year, it was 32 per cent and in September quarter 2018 it was 36.3 per cent (Source: European Automobile Manufacturers Association). In 2017, share of diesel cars in total auto sales in EU was about 45 per cent. https://www.thehindubusinessline.com/markets/commodities/is-it-time-to-invest-in-platinum/article33301861.ece