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About XPT
Just like gold and silver, platinum is a beautiful metal that has a wide range of uses.Â
It’s highly malleable, doesn’t corrode or easily react with other metals or chemicals, and has a high melting point (1,768 degrees Celsius).
That makes it perfect for jewelry making, vehicle manufacturing, implanted medical devices, and technology. Platinum is rare compared with gold and silver - with just 169 metric tonnes mined in 2016 (there was 19x more gold and 163x more silver mined that year).Â
No wonder then that people want to buy platinum as an investment.
With Uphold, you can buy platinum online, and trade platinum online in seconds. All you need to do is set up a free account, fund it with your chosen fiat currency or cryptocurrency, add a platinum Account, and then 'send' funds to it.Â
What is the platinum price today?
Platinum is one of the most popular precious metals and is traded all over the world. Because of its rarity and the demand from industry, the price can change quickly.Â
What affects the price of platinum?
- Platinum is used in a vast array of industrial and manufacturing processes, from heart pacemakers to fuel cells, to hard drives, to catalytic converters for car exhausts.Â
- Approximately 80% of the world’s platinum deposits are in South Africa, making production and availability scarce.Â
- Platinum is traded by most precious metals traders worldwide, keeping the price in constant flux.
What the bears are saying
- Platinum is volatile:
Gold and silver prices are generally more stable. - Central banks don’t hold platinum:
It’s not recognized by the international banking system as a reserve asset. - Most platinum is used in industry:
Which means it’s susceptible to wild swings in demand.
What the bulls are saying
- Platinum is found in just a few places around the world:
With the most platinum reserves in South Africa and Russia, prices could skyrocket if political instability occurs in either country. - Demand from the industry is strong:
With many different uses from spacecraft to hard drives to fuel cells, demand is expected to continue rising. - Platinum is rare:
Compared with gold and silver, a tiny amount of platinum is mined each year. The potential for price increases is good.
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