Platinum’s Quiet Move Higher – Investing.com

Platinum’s Quiet Move Higher – Investing.com

2020 was a strange year for all, but the volatility in was a stand out for most. In Q2, Q3 and Q4 platinum posted supply/demand deficits with the end of 2020 hitting a deficit of -170 koz. Platinum price has benefitted mainly due to the rebound in demand in automotive, industrial and jewellery sectors. During 2020 platinum's ratio against hit an all time low as demand during Covid collapsed chiefly due to the slump in car sales across the globe during lockdown. However it has since recovered from the lows of $575/oz in March 2020 to more than double at the current levels of around $1200/oz.  As you can see on the weekly chart above, this $1200 level however is  pivotal for platinum. When you consider the long term charts, and the recent consolidation, platinum appears to be building a base around this price, and a break above $1200 is expected in the coming months. Platinum tends to front run the metals as inflation creeps in so is always a good barometer of what is to follow. Bear in mind, only 13 years ago platinum was trading at over $2000/oz, considerably above its sister metal palladium at the time.   It