London Platinum Week is an annual gathering of industry representatives that is held during the third week of May. This year, traders and miners will meet to share insights about a market that is experiencing its lowest prices in about a decade.
Currently, platinum is only around $100 cheaper than palladium, though analysts believe that platinum prices are beginning to recover. Capital Economics commodities economist Simona Gambarini said recently that platinum prices will rise to $950 per ounce in 2017 and $975 in 2018. By the end of 2019 they will reach $1,150, and will go on to hit $1,350 by the end 2020.
BullionVault is marking this year’s London Platinum Week with a new infographic highlighting the different uses for platinum.
Shown below, the infographic indicates that the largest producer of platinum is South Africa, and that the metal’s main use is in industrial and automotive applications. It is used in vehicle catalytic converters to filter out harmful emissions and to make platinum jewelry, which is popular in China.
Platinum catalysts also help make the nitric acid that is used in fertilizers. The metal does not irritate the human body, making it useful for pacemakers and other medical devices. Fuel cells contain platinum catalysts as well.
Are you planning to attend this year’s London Platinum Week? Leave a comment and let us know! And don’t forget to view the infographic from BullionVault below:
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.