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| Philip Newman, director of Metals Focus. |
(Kitco News) – Rising gold prices will support platinum prices, said Philip Newman, director of Metals Focus.
Newman spoke Wednesday at the Auto Catalyst and Fuel seminar organized by the Precious Metal Institute in Atlanta, Georgia.
Platinum fell 4% to 895 US dollars in the last 12 months. During the same period, palladium rose 48% to US $ 1,279. Palladium benefits from stricter emission standards. Palladium is better suited to the current generation of catalytic converters.
Although platinum group metals are mainly used for industrial applications, platinum remains a precious metal.
"There is a relationship between platinum and gold," said Newman. "Yes, we found that the reduction was at record levels, which caused investor skepticism, and we believe that the relationship is still valid and will be the main factor driving the price of platinum."
Metals Focus said that gold would test the level of $ 1,400 this year, which would drive up platinum prices.
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to exchange merchandise, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for losses and / or damage resulting from the use of this publication.
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