World Market Platinum
Platinum has a much shorter history in the financial sector than gold or silver, which were known to ancient civilizations.
Platinum is a relatively scarce precious metals. Each year platinum mining produces about 5 million troy ounces, while gold produces about 82 million ounces.
Because platinum is important as an industrial material, and it is produced in low production with only a few suppliers, Platinum is considered attractive to investors.
Platinum is traded on the New York Mercantile Exchange (NYMEX) and on the London Platinum and Palladium Market.
Platinum ingots are hallmarked in the same manner as gold and silver are.
As with any commodity, the price of platinum depends on supply and demand. During periods of economic stability and growth, the price of platinum tends to be as much as twice the price of gold, while in periods of economic downturn, the price of platinum tends to go down because of less demand and an increase in the price of gold.
Platinum price peaked near US$2,300 per troy ounce in March 2008 driven on production concerns and fell to US$780 per troy oz in November 2008.
51 % of Platinum is used in jewelry and industry (automotive catalysts 29%) platinum is also used in the computer industry.
Platinum is among the world's scarcest metals; supplies of platinum are concentrated in South Africa, which accounts for approximately 80% of supply; Russia, 11%; and North America, 6%.
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