Is platinum expected to go up?
Global demand for platinum will see a 28% uptick this year compared to 2022, while supply will decrease 1% year-on-year, the organization said Monday. The platinum deficit for 2023 will be around 983,000 ounces (983 koz), the WPIC report said, which is a 77% upward revision compared to its last forecast in March.
Power cuts, war, and hybrid cars are predicted to cause a platinum price surge in 2023. The price of platinum has soared as high demand meets low supply.
Due to positive macroeconomic and fundamental drivers, we expect platinum to be a profitable investment in 2023. Supply-side constraints and consumption supported by increased regulations aiming at reducing pollution in the automotive industry will tighten the market balance of the platinum market.
Platinum price stood at $962.50 per troy ounce
According to the latest long-term forecast, Platinum price will hit $1,000 by the middle of 2023 and then $1,500 by the end of 2024. Platinum will rise to $2,000 within the year of 2026, $2,500 in 2028, $3,000 in 2030 and $3,500 in 2032.
Precious metals like gold are just one option available to you. But all investments come with their risks. Platinum carries greater volatility than other choices, making it more susceptible to price drops. Meanwhile, gold is relatively stable, but it may not be a strong hedge against inflation over the short term.
Platinum is rarer than gold, and its demand is strong across several industries. However, platinum is a highly volatile precious metal that tends to see sharp swings in its prices. Its volatility can create opportunities for profit, but there's always the chance of losing a lot of money.
This is because platinum is rarer than gold, has a higher density and is purer. Platinum rings require more platinum than gold rings require gold, which can increase the overall cost. While gold can increase in value the higher the karat, platinum is almost always worth more than gold.
Platinum Tends to Have a Poor Resale Value
According to The Economic Times, platinum, in general, has a poor resale value. The main reason is because a relatively small number of people are willing to buy it.
Chances are very good that in calendar year 2022 or beyond, the trading price of platinum is going to bounce strongly back, because the demand for the metal is not going to go away. Even though there is a surplus available now that is depressing prices, that is likely to change.
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Will platinum last a lifetime?
It is the most durable metal used to make jewellery. Platinum should last a lifetime and you should not have to reset your platinum engagement ring. Platinum is a naturally white metal that is highly resistant to tarnish.
Platinum: Despite being nearly identical in appearance, platinum is more valuable than gold. Platinum's high price point can be attributed to its rarity and density as precious metals are often priced by their weight.
Likewise, if demand continues for , some say it will be gone in about 10 years; platinum in 15 years; and silver in 20 years. Looking farther into the future, other sources claim that things like aluminum might run dry in about 80 years.
The platinum market is forecast to move to a nearly one million ounce deficit in 2023 amid stronger demand from the investment sector and constrained supply from South Africa. The World Platinum Investment Council now expects a deficit of 983,000 ounces this year, after a 854,000-ounce surplus in 2022.
The Global Platinum Market size is expected to grow from 7,785.75 thousand ounces in 2023 to 9,711.75 thousand ounces by 2028, at a CAGR of 4.52% during the forecast period (2023-2028).
Platinum Coins
Platinum bullion in the form of coins is fairly easy to sell. This is because the quality and purity of officially minted coins is often guaranteed or clearly documented, especially if you made your purchase from a reputable source.
The only disadvantages to platinum are the higher cost and heavier weight. For example, platinum is a great metal for necklaces, bracelets and rings but not earrings, because the heavy weight may pull down more on your ears and cause discomfort.
The fragility of re-established supply chains, lingering chip scarcity and the current economic environment are all headwinds that could prevent platinum price growth in 2023.
Why? Because a gold, or platinum—or, better still, multiplatinum—record means financial success. These awards, given by the Recording Industry Association of America (RIAA), represent huge sales—500,000 units for gold, 1 million for platinum, 2 million or more for multiplatinum, and 10 million for diamond.
Platinum has a higher price, sometimes surpassing gold, while silver is much lower. Although you'll see bigger numbers with platinum, investing in silver allows you to buy a large quantity of units, increasing your chances of making a significant profit if the price goes up drastically.
Does platinum lose its value?
Platinum hit a nadir of $600 per ounce before rebounding in 2021 back to $1,200/oz. This is roughly in line with the average platinum price over the previous 10 years (~$1,177/oz). Nonetheless, platinum remains significantly below the price of gold. It would have to rally another 50% to catch up with the yellow metal.
While both precious metals are strong, platinum is more durable than gold. Its high density and chemical composition make it less likely to break than gold, so it lasts longer. The chemical structure also means that the metal displaces on the surface when it is hit so you don't lose any of the precious metal.
RHODIUM: TOP MOST VALUABLE METAL
Rhodium is the most valuable metal and exists within the platinum group of metals.
On the downside, platinum is very expensive to purchase and repair, and some jewelers cannot even work with the metal because they don't have the equipment, materials, or experience to deal with its unique chemical properties.
Platinum also has poor resale value as only a limited number of shops buy it back. Besides, compared with gold jewellery, making charges, close to Rs 500 per gram, are much higher for platinum jewellery. Buyers also need to be cautious when it comes to the purity of the metal and what it is mixed with.
The most valuable of all precious metals is rhodium. This silvery-colored metal is extremely rare and is used commonly for properties of being able to reflect. It has a very high ability of being able to tolerate corrosive objects without getting affected and has a melting point that is quite high.
Many people purchase precious metals like platinum as a hedge against inflation which is of real concern right now. During times of economic uncertainty or crisis, precious metals tend to hold their value much better than most fiat currencies.
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Will platinum wear away gold?
For example, platinum scores higher on the Mohs Scale of Hardness than gold. If you place a platinum wedding band alongside a gold engagement ring, it's almost guaranteed that the gold will become heavily scuffed and scratched over time.
In 2021, estimates of the total proven world reserves of PGMs were 69,910 tonnes or 2.2 billion troy ounces and are located mostly in South Africa.
Experts posit that platinum is about 15–20 times scarcer than gold and approximately 60–100 times scarcer than silver, on the basis of annual mine production. Since 2014, platinum prices have fallen lower than gold.
| Platinum Spot Prices | Today | Change |
|---|---|---|
| Platinum Prices Per Ounce | $1,041.00 | +3.00 |
| Platinum Prices Per Gram | $33.47 | +0.10 |
| Platinum Prices Per Kilo | $33,468.15 | +96.45 |
Pure platinum is a lustrous, ductile, and malleable, silver-white metal. Platinum is more ductile than gold, silver or copper, thus being the most ductile of pure metals, but it is less malleable than gold. Its physical characteristics and chemical stability make it useful for industrial applications.
Gold and platinum also hold value as long-term investments thanks to their industrial uses. Both of these precious metals have numerous industrial applications. Platinum takes the cake on the industrial front, being a vital component in catalytic converters.
Here we'll discuss a few actual rare metals, present in the earth in miniscule amounts but which have important applications nonetheless. The rarest stable metal is tantalum. The rarest metal on earth is actually francium, but because this unstable element has a half life of a mere 22 minutes, it has no practical use.
It's not super likely we'll run out of titanium soon but if we did, there are a few other sources we could turn to. For example, there's an exoplanet light years away orbiting another sun called “WASP-19b” that has a titanium dioxide atmosphere!
In 2021, China was the world's largest platinum consumer, with a consumption of approximately 67.2 metric tons. Europe was the second leading platinum consuming region that year, with a consumption of around 53.76 metric tons.
South Africa is the largest producer of platinum in the world by a significant margin, with production amounting to an estimated 140 metric tons in 2022. Russia comes in a distant second place for world platinum production, having produced some 20 metric tons that same year.
Will gold go up in 2023?
Gold has been one of the best asset classes in 2023 so far and barring intermittent profit-booking, the yellow metal may continue enjoying investors' favour this year mainly because of the uncertainty around global economic growth.
Historically, platinum has been more expensive than gold, but beginning in 2011, gold's price started to surpass platinum's. As of this writing in mid-May 2023, gold is trading at around $2000 per ounce while platinum is trading at closer to $1070, according to CME Group.
Stock Price Forecast
The 3 analysts offering 12-month price forecasts for Platinum Group Metals Ltd have a median target of 2.37, with a high estimate of 6.12 and a low estimate of 2.20. The median estimate represents a +67.07% increase from the last price of 1.42.
A sustained high demand from central banks to buy gold is one of the main reasons UBS thinks gold will rise to $2,100 per ounce by the end of 2023.
The analysts' average forecast for the price of gold in 2023 is $1,859.90, with the highest price predicted to be $2,025.
