Platinum Potential High

IBTimes reported platinum is expected to rise with increased demand from the auto industry in the next year despite the metals recent price plunge.

As quoted in the market news:

Platinum is mostly used in the automobile and chip industries. According to estimates by the US bank Morgan Stanley, the automobile industry will use $7 billion’s worth of platinum next year – a new record high. In 2012 approximately 3.82 million troy ounces of platinum will be used in the production of catalyst systems – 17% more than this year.

Click here to read the full IBTimes report.