Platinum Rises To $1,152 Per Ounce
May 23 -Platinum rose 0.3 to $1,152.00 an ounce on Friday, up from its quote late on Thursday of $1,148.50, while palladium finished at $231.00 an ounce, with no change from the previous finish as investors looked again toward precious metals as a currency hedge against the falling dollar.
Investors are currently driving prices upwards on platinum, in response to the unstable economy here in the United States, and the continuing lack of growth in most traditional investment options, including stocks, bonds and real estate. As Platinum has a number of uses in both industrial markets and in the production of fine jewellery, it is the potential demand for platinum for within the auto industry that truly gives the precious metal the potential for long-term gains.
Almost 50 percent of the platinum produced today is purchased for use in the manufacturing of environmentally friendly high-efficiency emission reduction automobile-catalytic converters, which are crucial in reducing CO2 emissions. This demand for platinum in this upcoming growth sector could cause it to see future growth as a precious metals commodity.
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