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Platinum Prices May Increase by 50%, Says Reuters Poll
(CEP News) London - The price of platinum may increase by as much as 50% in 2008, according to a poll of analysts conducted by Reuters.
According to the poll, consensus on the median price of platinum is at $2,000 per ounce in 2008 and at $2,100 in 2009. It seems a far cry from the median price in 2007 of $1,304 per ounce.
Platinum is mainly used in jewelry and to make catalytic converters for vehicles. A rise in demand for the latter coupled with production problems at mines in South Africa were behind the current rise in prices, according to analysts.
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