Why did Platinum and Palladium prices sky rocket?
Precious Metal Division, Gold De Royale (13 January 2010) Last week saw a major move taking place in the platinum group metals sector with the launch of platinum and palladium-backed exchange-traded funds (ETFs) on New York. With the launch of the ETFs in US, investors have got yet another option to put their money and year 2010 is expected to be the year of the white metal (platinum and palladium). Platinum is the best known of the six platinum group metals (PGMs). About half of the global demand for platinum comes from the auto catalyst sector, as the metal is a critical component of catalytic converters for automobiles. Other industrial demand comes from chemical, electrical, glass, and petroleum applications. Jewellery also accounts for a significant portion of platinum demand. About 60% of global platinum supplies come from South Africa, with Russia, Canada, and the US among the other major platinum-producing regions. Following a spike in prices earlier this decade, recovery of pl
