The variables that influence platinum prices
The consumption of platinum is closely linked to the industries that use it as a key component. Main applications include the production of automotive catalysts, jewelry, and various industrial uses such as electronic elements and medical devices. Growth or decline in platinum consumption is highly dependent on global economic health and demand in these industries.
In the United States, platinum consumption is often dominated by the automotive industry for the production of catalytic converters, which help reduce exhaust emissions. Environmental policies and car sales can have a significant impact on platinum demand.
Historically, palladium has been preferred to platinum for use in gasoline catalytic converters due to its greater efficiency in such applications. However, the cost of palladium has exceeded that of platinum in some recent periods due to increased demand and supply constraints, prompting some producers to once again consider platinum as a cheaper alternative.
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