schiffgold.com / BY SCHIFFGOLD / NOVEMBER 21, 2017
There’s a significant platinum shortage on the horizon according to an industry report.
According to a quarterly report released by the World Platinum Investment Council, a resurgence in demand for platinum jewelry, increasing industrial demand, along with falling production, will lead to a shortfall of 275,000 ounces in 2018.
According to Reuters, this would mark the sixth straight deficit year for the platinum market, and reduce above ground stocks to 1.605 million ounces by the end of next year.
“For five years these stocks have been feeding deficits … it does appear the platinum market is much tighter than it’s ever been in the last five or six years,” WPIC head of research Trevor Raymond said.
The WPIC report projected platinum demand will rise 2% to 8.030 million ounces next year after falling 6% in 2017 to 7.845 ounces.
Platinum prices have risen 5% this year.