Platinum is a highly valued metal that is used to produce jewelry, coins, bars, etc. If you are thinking about investing in a self-directed individual retirement account (IRA), but don’t know which assets to diversify your portfolio with, consider adding platinum.
How is the platinum price chart affected?
The key to understanding the platinum price is to monitor the supply and demand. A few different catalysts will set prices soaring or dropping. The fact that platinum is widely used in the manufacturing industry means that high demand from manufacturers contributes to changes in the platinum price chart. Aside from industrial demand, certain events can influence prices. Price trends for platinum are similar to price trends for other precious metals, like gold and silver. Emerging markets have a direct effect on the spot price of platinum, such as South Africa’s precious metals market. Technological developments and the health of particular industries will impact prices, too.
Should you have any questions regarding the platinum price chart, let the team of precious metals experts at GoldCo know by contacting them today.