Changes in Platinum prices
Compared to the gold and silver market, the platinum market shows a lot of tightness between the demand and supply conditions. For instance, if the market were to suddenly experience a higher demand for platinum, there would not be enough platinum to satisfy this demand. With the ever-increasing industrial uses of platinum, this leads to the rise in the price of platinum per ounce.
Along with the industrial demand for platinum, there is also a surging demand from the jewelry industry. This is especially so in the case of wedding rings and bands which have sent the price of platinum rising due to its use in the marriage market. The dollar fall as well as the market recession conditions has also taken their toll on the price of platinum per oz. The supply has also faced difficulties, such as a reduction in the production in South Africa.
Improvement of security and safety measures have resulted in many of the shafts going for repair and lowered the production of platinum in the world. An expansion in the production is quite difficult, as it is rare to come by skilled laborers and workers for the mining. There has also been a shortage of electricity supplied to the mines and hence they have not been able to supply the requisite amount of platinum, resulting in the rise in the price of platinum per oz.
All the above factors have led to the rise in the price, as the surplus of platinum has changed into one of deficit. The problems being faced are not only by the jewelry industry but also by other fields, such as the health industry, the automobile industry as also the medical field.
Platinum has a very important use in catalytic converters, which ensure clean emissions from cars and vehicles powered by petroleum and additionally so in diesel cars. Environmental regulations have made this all the more mandatory in the automobile industry. The use of platinum in this industry as also in various other industries have sent the demand for the metal rising and this has consequently resulted in the rise in the price of platinum per ounce.
Looking for a precious metals provider that sells silver, gold and platinum coins and bullion? Click here to visit our favorite provider (FREE SHIPPING!).
References:
http://priceofplatinum.org/
http://priceofsilver.org/current-price-of-silver-per-ounce/
Compared to the gold and silver market, the platinum market shows a lot of tightness between the demand and supply conditions. For instance, if the market were to suddenly experience a higher demand for platinum, there would not be enough platinum to satisfy this demand. With the ever-increasing industrial uses of platinum, this leads to the rise in the price of platinum per ounce.
Along with the industrial demand for platinum, there is also a surging demand from the jewelry industry. This is especially so in the case of wedding rings and bands which have sent the price of platinum rising due to its use in the marriage market. The dollar fall as well as the market recession conditions has also taken their toll on the price of platinum per oz. The supply has also faced difficulties, such as a reduction in the production in South Africa.
Improvement of security and safety measures have resulted in many of the shafts going for repair and lowered the production of platinum in the world. An expansion in the production is quite difficult, as it is rare to come by skilled laborers and workers for the mining. There has also been a shortage of electricity supplied to the mines and hence they have not been able to supply the requisite amount of platinum, resulting in the rise in the price of platinum per oz.
All the above factors have led to the rise in the price, as the surplus of platinum has changed into one of deficit. The problems being faced are not only by the jewelry industry but also by other fields, such as the health industry, the automobile industry as also the medical field.
Platinum has a very important use in catalytic converters, which ensure clean emissions from cars and vehicles powered by petroleum and additionally so in diesel cars. Environmental regulations have made this all the more mandatory in the automobile industry. The use of platinum in this industry as also in various other industries have sent the demand for the metal rising and this has consequently resulted in the rise in the price of platinum per ounce.
Looking for a precious metals provider that sells silver, gold and platinum coins and bullion? Click here to visit our favorite provider (FREE SHIPPING!).
References:
http://priceofplatinum.org/
http://priceofsilver.org/current-price-of-silver-per-ounce/