Afternoon everyone ….
While there has been much volatility in the previous metals market for the last two months. For the most part the price has remained fairly consistent so far.
Except for…..
Platinum has been taking a beating really hard. While I don’t follow it as hard as I do gold and silver, I do still follow it. Just back as far as May platinum was flirting with the $1200 number. Hitting a high of $1188 and holding.
In the last two weeks there have been a handful of total beat downs. Today being one of them. Currently platinum is down $26 on the
day. Which is a huge drop considering both gold and silver are essentially flat.
Here is the Kitco chart…
I don’t know if any of you remember the days where platinum was the highest price metal. It was usually 1.2 times the gold price. Now it’s about 55% of the gold price. How things change.
Platinum is still far rarer then gold and a much harder metal. Why has it plummeted so much?
In the 80’s & 90’s everyone was buying platinum wedding rings. It was considered the best. Now nobody uses it. Which I personally don’t understand since it wears much better and holds up far superior to gold.