“Platinum is a key industrial steel, and its worth has been rising on rising demand as hopes of a pointy financial restoration improve”
Many massive traders are planning to dramatically improve their publicity to platinum this 12 months, in line with a brand new survey.
The worth of the silvery-white steel not too long ago topped US$12,000 for the primary time since early 2015 on the again of rising industrial demand and considerations round shortages.
Roughly 49% of institutional traders and wealth managers anticipate to step up their publicity to platinum this 12 months, and an additional 37% anticipate seeing a slight improve, in line with a examine commissioned by World Palladium Fund (GPF).
“Platinum is a key industrial steel, and its worth has been rising on rising demand as hopes of a pointy financial restoration improve,” stated Alexander Stoyanov, chief government officer of GPF.
“It additionally has an important function to play sooner or later hydrogen economic system because of its distinctive hydrogen-absorbing properties, and as an important steel for cleansing toxins from the surroundings. All of this makes platinum an more and more enticing possibility for traders.”
GPF has not too long ago listed a physically-backed steel change traded commodities (ETCs) that tracks the spot worth of platinum, which is distributed and marketed by NTree Worldwide Ltd.
The survey, carried out by market analysis firm Pureprofile, included on-line interviews with 50 institutional traders and 50 wealth managers throughout the UK and Germany in January 2021.