Gold is turning jewelers to platinum
Prices of platinum, a white precious metal, have rallied over 30% this year to date, with spot prices currently around $1,200 per ounce. Spot gold prices are around 27% higher over the same period.
“Rising gold prices are incentivising jewellers to diversify, in what represents a change to historical patterns.”
The BofA analysts wrote that even a 1% switch in gold to platinum jewelry could help double the white metal’s supply deficit to 1.6 million ounces.
Source – Markets Insider
