The platinum price today can be useful if you are looking to spot trends in the price of platinum. Or you might wish to know the value of your portfolio, if you have decided to invest in platinum. Or, you might be thinking about buying platinum bars or platinum coins and wish to look at the platinum price today to see if now is a good time to buy platinum.
The platinum price today is driven by two factors: demand and supply of platinum. There are four main drivers of platinum demand:
Automotive demand - this is primarily for catalytic converters
Industrial demand - platinum is used in a range of applications from pace-makers to anti-cancer drugs to hydrogen power cells.
Jewellery demand - Platinum is considered to be more exclusive than gold. It is so admired that the name ‘platinum’ is often used to denote something of the highest status, such as platinum artist, platinum card.
Investment demand - thanks to its rarity and industrial applications, platinum is considered a lucrative investment opportunity
Supply of platinum is an interesting topic because it is so rare. There is 30 times more gold on planet earth than there is platinum! Very often the platinum price today is a good snapshot of any concerns regarding platinum supply. Platinum supply is very sensitive to any changes in the political situations of the countries in which it is mined, particularly South Africa, Over 75% of the world’s platinum supply comes from here.
If you wish to keep an eye on the platinum price today then it is worth also watching industrial demand numbers as well as the economic and political situation in South Africa.
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