Platinum is one of the precious metals that is often neglected and treated as palladium's poor cousin. Today, the metal is enjoying great success on the stock market. Its price is rising significantly. Is the era of platinum coming?
Platinum is one of the investment metals which, alongside gold, silver, and palladium, is becoming an increasingly popular means of investing capital. The reasons for this are many, but among them we can certainly highlight: low or negative interest rates, high real estate and land prices, inflation, the weakening position of the dollar, and the crisis caused by the COVID-19 pandemic. Meanwhile, not everyone has noticed that this metal, forgotten by many, has recently been enjoying success on the New York Stock Exchange.
The price of platinum has reached a very high level of over $1,270 per ounce. These are highs similar to those recorded six years ago. Today, in response to the weakening position of the US dollar and taking advantage of favorable demand forecasts, the price is soaring.
Analyzing data from January this year, the price of platinum has risen by an average of 17%, meaning that its rate of return is currently much more attractive than that of gold or silver. And although the metal has not had good press in recent years, it is worth noting that its price has risen by around 18% in the last year alone.
Is it worth investing all your capital in platinum right now? First, you need to ask yourself whether it is profitable to buy platinum at the peak of its price. Secondly, it is worth remembering that gold has been considered a safe haven for years and, despite temporary declines in the price per ounce of the royal metal, it will probably remain so. In the context of platinum and palladium, it is worth thinking of them as assets that can diversify our investment portfolios.
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