« Diamonds Love Politicians: Or Is It the Other Way Around? | Main | Diamond E-tailer BlueNile on Pace for Record Sales. »
Platinum Hits 25 Year High!
Platinum ended today at $960/oz!
Platinum prices have hit highs not seen for more than 25 years, driven by growing demand for the metal in jewelry and catalytic converers.
Prices have risen nearly 130% over the past four years and
world demand for platinum is currently outstripping supply.
It is a key component for catalytic converters in diesel engines, which are growing more popular as oil prices rise and pollution rules are toughened.
Russia and South Africa are the two main producers of platinum.
The dramatic price increases in Precious Metals over the past several months has garnered the attention of Pension Funds who are increasing their allocations in this area.
Demand for a similar precious metal, palladium, is also rising because it is being used as a cheaper alternative for jewelery, particularly in China.
Prices for palladium, which can also be used in catalytic converters, now stand at about $240 per troy ounce.
