Platinum price and charts
CURRENT PLATINUM PRICE
1 UNCE:[ [platinum_unce_usd]] $ | € |
1 GRAM: $ | €| [ [platinum_gram_domaci_currency]]
PLATINUM - A YOUNG METAL WITH PROSPECTS
Unlike gold and silver, which were known to the earliest civilisations, platinum has a relatively recent history. It can be dated back to the 18th century. Specifically, to 1751, when it was classified as a precious metal.
Yet the first evidence of platinum's use, according to experts, dates back to 700 B.C. This was the famous "Casket of Thebes". This small box was decorated with hieroglyphs made of gold, silver and the aforementioned platinum.
Representation on the London market
The first records of the precious metals trade date back to the 17th century, the beginning of the gold rush era. As a result of the influx of gold into Europe, the 'London Good Delivery List' was established in London, a major financial and trading centre. The International Trade Association was given the right to grant refiners who met the established quality standards for precious metals permission to enter the London market.
The rules for platinum trading were established in 1973 through the "London Platinum and Palladium Quotation", the forerunner of today's LPPM. The London Platinum & Palladium Market Trade Association acts as the main link between the market and other official institutions. It is involved in setting market prices for platinum and palladium in major trading centres around the world.
Platinum rarer than gold
Expert forecasts of production trends indicate that platinum is about 20 times rarer than gold. Platinum production is therefore significantly lower than gold, but consumption is steadily increasing.In annual comparison, it is only 200 tonnes of platinum for every 3,000-3,500 tonnes of gold mined. Therefore, like silver, it can be classified as a 'very undervalued metal'. At the same time, it is very difficult to extract and is often just a by-product of mining other metals.
Platinum is perceived as an industrial metal. It is used in the production of optical fibres, thermocouples and catalysts. In the pharmaceutical industry it is an important component of chemotherapy. It is also a popular metal in the manufacture of jewellery. Unlike silver, platinum does not oxidise and meets high demands for both aesthetics and practicality. Platinum has also found its permanent place in the form of investment coins and platinum bullion. Although their tradition is shorter than that of the same gold products, they fulfil all the potential to become a leading investment asset.
Limited resources of natural wealth
The largest producer of platinum is South Africa. In 2022, it mined around 140 tonnes of the metal, equivalent to up to 80% of global production. Other major miners are Russia with around 20 tonnes, followed by Zimbabwe with 15 tonnes and North America with around 9.3 tonnes.
The main factors influencing the price of platinum
- Global supply and demand - the main consumer of platinum is industry. Increasing demand can increase this trend by up to 12%
- Greening - platinum is known to be used in vehicles with high CO₂ emissions. If there is a shift to greener cars, interest and therefore price may fall. This in turn favours the other metal, palladium.
- South Africa is the largest producer of platinum. The economic and geopolitical situation, as well as the country's decision on production volumes, will have a major impact on the market.
- Black swans - unexpected events that will shuffle the cards of the world economy and therefore precious metal prices.
- US Dollar - investment metals prices, and platinum is no exception, are significantly affected by the US central bank's monetary policy.
- Czech koruna - the strengthening or weakening of the national currency will also be a determining factor for our investors.
