Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
The Platinum Price Recently Hit a 4-Year Peak. Here’s Why
The metal saw its biggest monthly gain since 2008 in November and reached a high of $1,060 in early December.
New York—The price of platinum hit a four-year high this month, fueled by the falling U.S. dollar and a supply deficit.
As lockdowns aimed to curb the spread of COVID-19 went into place in March, the metal’s price bottomed out, hitting a low of around $600 per ounce in the middle of the month.
The metal has been on a gradual, but fluctuating, uptick since then, but multiple sources said the price has been held down by lower demand for diesel automobiles (platinum has been used as a catalyst to help reduce toxic emissions from diesel engines since the 1970s, an area that still drives its highest demand) and competition from gold and silver.
But the white metal rallied this fall, crossing the $900-per-ounce mark in July and the $1,000-per-ounce mark early in December, according to Kitco.
November marked platinum’s biggest monthly gain since 2008, with its per-ounce price rising more than 23 percent, metals trading platform Bullion Vault reported.
Earlier this month, it reached about $1,060 per ounce, Kitco showed. This is its highest point since Q3 2016, as shown by historic charts from Kitco and confirmed by websites Investing.com, Bullion Vault and Invezz.com.
The metal’s price is now aided by the falling U.S. dollar, Bullion Vault said, and a massive supply deficit that has become more apparent in the last quarter, according to the World Platinum Investment Council.
In its third quarter market report, the council said the white metal faces a deficit of more than 1 million ounces this year.
It predicted the supply deficit will continue into 2021; next year, it could be short more than 200,000 ounces.
The platinum price has also risen because of a stalled gold price as an improved global economy has decreased the need for safe-haven assets, encouraging investors to look elsewhere, The Wall Street Journal reports.
And it looks like the price of the metal could continue to rise, with Kitco noting it “appears new all-time highs in platinum are on the horizon,” especially as the World Platinum Investment Council estimates the increase in investment demand will continue into 2021.
Metals Focus predicts the platinum price will average above $1,000 per ounce in 2021.
In the United States, the bridal category led platinum jewelry retail sales recovery in the third quarter.
Consumers also are looking for meaningful products, and retailers are seeing platinum jewelry outperform others
Still, demand for platinum jewelry hasn’t recovered enough in the latter part of the year to make up for slow sales in the first half.
The World Platinum Investment Council estimates platinum jewelry demand will be down 13 percent year-over-year globally in 2020.
Demand is expected, however, to continue its recovery, with numbers returning to positive in 2021.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.