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PL

Platinum

1034.8 USD/oz -21.15 (-2%) (Last updated - December 02, 2022 12:53 PM UTC )
Day High
941.4
Day Low
917.45
Previous Close
931.15
52 Week Range
33.5 - 2040.03
Change YTD
7.14%

About

Performance USD/oz Change
5 Day 4.57%
1 Month 11.26%
3 Months 27.99%
6 Months 1.49%
52 Week 11.22%

December 02, 2022 12:53 PM UTC

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Platinum is regarded as one of the most precious metals available. It is one of the rarest metals possessing unique properties, which make it valuable across diverse sectors.

Some of the qualities of platinum – such as its resistance to chemical attack, wear and tear resistance characteristics, stable electrical properties, and excellent high-temperature characteristics – make it distinctive when compared with other elements of commercial interest.

Widescale industrial application of Platinum

Thanks to its versatile nature, platinum’s industrial applications have grown nearly four times since 1980. The metal’s fast-growing portfolio of industrial applications continues to expand even when its supply base remains narrow. As a result, platinum has become a critical metal for health as well as wealth of the world economy. It represents one of the most critical commodities of global economic importance.

It is widely used in the manufacturing industry for the production of a variety of products such as fertilisers, fiberglass, lightbulbs, and airbags. In the healthcare sector, it is being used in medical devices and cancer treatments. Platinum has found major application in lowering vehicle emissions and harnessing renewable energy. It also has properties suitable for renewable power applications that makes it usable in fuel cell electric vehicles as well.

Why more people are choosing platinum jewellery?

Platinum has grown in popularity among masses across the globe for its use as a jewellery item. Over the last five years, the annual jewellery demand stood at 24–31% of the total platinum demand worldwide. While China has emerged as the largest market for platinum jewellery, in the United States, platinum has become the first preference for engagement rings.

Platinum jewellery is ranked high for its global premier status. The metal develops a rich finish over time. Prongs made of platinum provide a stronger hold for precious gems and diamonds. In terms of weight, platinum is around 60% heavier than 14kt gold.

Understanding platinum-group elements (PGEs) 

Platinum-group elements (PGEs) consist of six rare metals, namely platinum (Pt), iridium (Ir), palladium (Pd), rhodium (Rh), ruthenium (Ru) and osmium (Os). In the Periodic Table of Elements, these are classified as Transition Metals.

Platinum group elements fall under Australia’s critical minerals.  To cope up with surging demand, PGE players have been undertaking more explorations as well as resource definitions. This has resulted in a remarkable increase in the economic inventories for numerous critical minerals.

ASX Platinum companies

Code Company Price Chg %Chg High Low Volume Mkt Cap 1 year Watchlist
IPT Impact Minerals Ltd
ORN Orion Minerals Ltd
PPS Praemium Ltd
PPT Perpetual Ltd
PRU Perseus Mining Ltd
ZIM Zimplats Holdings Ltd
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Frequently Asked Questions

There are several sectors which require platinum for manufacturing their products or use it as a part in their goods. However, the highest demand of about 31 to 42% for platinum comes from the automotive industry. It is followed by industrial (23-26%), jewellery (24-31%) and investment (1-20%).

High demand of platinum can be attributed to its properties that deliver better when compared to other metals. In chemical processes, platinum catalysts boost production, while on hard disks for laptops and servers used in cloud storage applications, platinum lifts storage density. Its increasing application in the healthcare space is attributed to the metal’s biocompatible property. Therapies based on platinum have been leading the studies for cancer treatment. It has a tendency to stay in the body connecting pacemakers and makes instruments visible during keyhole surgery.

The automotive industry uses platinum in catalytic converters as an oxidation catalyst for treating automobile exhaust emissions. Some compliant catalysts, such as Euro 6d (RDE) and China 6, utilise additional platinum per car in order to fulfil lower emissions requirements.

When used in spark plugs and O2 sensors, platinum improves the efficiency of engines. Also, the metal supports diesel cars, which in turn is better for the health of the environment as a diesel car is, on an average, emits lesser carbon dioxide (CO2) versus an average gasoline car.

Moreover, the superior catalytic and conductive qualities of the metal in fuel cells convert air and hydrogen into water generating power, which is used to run electric cars with zero emissions.

Both the metals, gold and platinum, are precious metals. However, there are some interesting facts which make platinum more precious than gold. As per the World Platinum Investment Council, ‘all the platinum ever produced would only cover your ankles in one Olympic sized-swimming pool, while all the gold ever produced would fill three Olympic sized swimming pools’.  

In terms of weight, platinum is around 60% heavier than 14kt gold. Also, platinum can be flattened into a sheet as thin as 100 atoms, while one gram of gold can be pounced into a 230-atom thick sheet.

Australia has one of the world’s largest recoverable resources of critical minerals. It is driven by an approach following environmental and social governance. Also, the country offers one of the most efficient regulatory environments in the world. At present, it is in a strong position to support global supply chains for critical minerals.

Government agencies – Geoscience Australia and Austrade – work in collaboration to assist investors explore opportunities and fulfil approval essentials for investment in critical minerals projects of Australia.

Overall, there is a consistent and transparent management of economic settings in the country, in terms of health and safety, labour, skilled migration, foreign investment, taxes, and environmental protection.

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