CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Platinum extends gains by 1.2% on highest in decade deficit woes 📈

14:19 13 September 2024

Platinum (PLATINUM) is trading up more than 1.2% today and approaching $1,000 per ounce, after the World Platinum Investment Council (WPIC) recently made new forecasts for the platinum market, citing data from research firm Metals Focus. These forecasts show that the market deficit for the metal is growing and is likely to be twice as high as previously expected, rising to 1 million ounces, the largest deficit in a decade. Such a scenario would mark the second consecutive year of a market deficit. In 2023, the deficit was 731,000 ounces. This time, estimates are driven by a forecast of demand higher by as much as 530,000 ounces than expected.

  • The market speculates that the strong demand may be due to growing interest in precious metals investments, with small investment bars gaining popularity in China. The public may view metals as a potential hedge for savings in the event of a difficult economic situation.
  • WPIC's forecast is that ETFs will see significant net inflows this year, rather than net outflows as previously expected. Moreover, industrial demand (excluding the automotive sector, which has been revised slightly downward) is also likely to prove stronger. 
  • What's more, looking deeper into the report, the downward revised supply from recycling offset the expected higher supply from the mining sector. Currently, platinum is still trading around $1,000 per ounce. The price discount to gold therefore approximates $1,560. The commodity analysis office of Germany's Commerzbank has indicated that the fundamentals for the platinum market still suggest significant upside potential from current levels.

PLATINUM (D1, H1 interval)

Platinum prices are trading up nearly 1.2% today and have approached $1,000 per ounce, gaining nearly 10% over the course of several days. Sentiment around the metal is also improved by rising gold and silver prices. However, looking at the magnitude of previous price impulses (green squares), a potential correction from current levels should not be surprising - but with stronger market fundamentals, it may not prove to be deep. The EMA50 average (orange line) is close to forming a so-called 'golden cross' formation with the EMA200 exponential average, which would potentially indicate a possible stronger upward impulse.

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Source: xStation5

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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