The price collapsed later in the year as the global financial crisis took hold, trading at $813 by November 2008. The platinum price chart history shows that the price trended up from the late 1990s to peak at an all-time high of $2,253 per troy ounce in March 2008 at the height of the commodity boom. In terms of global supply, South Africa accounts for the majority of platinum production, which has a strong impact on its price. Historically, the precious metal is subject to both investment and industrial demand, which is reflected in the platinum price history. It has uses in industries, including chemicals, petroleum refining, electronics, glass and medicine (surgical equipment, dental apparatus and cancer treatments).
What is platinum used for?Īside from an investment instrument, what can platinum be used for? A large part of platinum demand comes from the automotive industry for use in catalytic converters, although palladium has displaced some of that consumption. There are now coins and bullion bars as well as options and futures contracts for platinum trading. These quickly became the world’s most popular platinum coins among traders and investors. Platinum commodity trading began during the 1950s, when the New York Mercantile Exchange ( NYMEX) launched platinum futures contracts as a way for traders to diversify their activity from agricultural products.īut it was not until 1997 that the US Mint launched its first platinum bullion coin. Although platinum was mentioned by the Italian scholar Julius Caesar Scaliger in 1557, it was not traded as a currency like gold and silver. Using platinum as an investment is a relatively recent trend. Past Performance is not a reliable indicator of future results. What is platinum trading? Trading platinum involves buying and selling the precious metal, either in physical form or using financial instruments such as stocks, exchange-traded funds (ETFs) or derivatives. The cost of mining per ounce is also twice as expensive. Miners extract only 130 tonnes of platinum a year, compared to 1,700 tonnes of gold. Also known as platinum-group metals (PGMs), the group consists of six metals with similar chemical and physical characteristics: iridium, palladium, osmium, ruthenium, rhodium and platinum. Platinum is a malleable, dense, ductile metal, which forms the basis of the platinum family. Along with silver and gold, platinum is a precious metal. Platinum is one of the most expensive commodities. Platinum trading is the process of buying and selling the metal, or financial derivatives linked to platinum prices, to speculate on the metal’s price fluctuations. US30 US Wall Street 30 (USA 30, Dow Jones)
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