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A previously anticipated platinum shortage will be worse than expected this year thanks to increased demand, particularly from the industrial sector, according to the World Platinum Investment Council.

COPPER cable theft accounted for more platinum group metal (PGM) production losses than power curtailment in Sibanye-Stillwater’s first quarter, it said today.

Demand for platinum is increasing because of investment demand, a recovery in automotive sales and further tightening of emission standards.

My Q1 2023 quarterly report on precious metals on Barchart highlighted the 5.97% decline in 2022 and the 18.35% drop over the first three months of 2023. Nearby NYMEX palladium futures fell to a $1,336 per ounce low in March 2023 after rising to a $3,380.50 high in March 2022. The move to the record peak came after Russia invaded Ukraine, igniting supply concerns.

Gold prices rose on Tuesday, buoyed by economic uncertainties including the U.S. debt ceiling stand-off as traders braced for inflation readings that could influence the Federal Reserve’s interest rate strategy.

Gold is closing in on an all-time high as resurgent Chinese demand and fears over the health of regional US banks have added further fuel to the six-month rally in the precious metal.

Most bright red sports cars do not make much of their green credentials. Yet a test run in Bicester, Oxfordshire, by the startup Zero Petroleum last month gave a glimpse of a future in which combustion engines did not add new carbon to the atmosphere. The car was running on e-fuel: petrol made using electricity, hydrogen from water, and carbon captured from the air.

Platinum is a precious metal, but mostly it is an industrial metal used as a catalyst in catalytic converters for motor vehicles. South Africa is running low on power to mine and refine Platinum. We might be able to live with less platinum, but there would be major adjustments in the industries affected.

Comex gold futures prices are modestly up in early U.S. trading Monday. Silver prices are near steady. The key outside markets are friendly for the precious metals to start the trading week, as the U.S. dollar index is weaker and crude oil prices are solidly higher. The technical charts remain solidly bullish for gold and silver. June gold was last up $7.30 at $2,032.00 and July silver was down $0 ...

Gold and silver prices are seeing strong selling pressure in late-morning trading Friday, following another U.S. jobs report that came in better than the consensus forecast. Featured is solid profit-taking from the shorter-term futures traders after both gold and silver scored good gains this week, including gold futures hitting a new record high.