Platinum Price Also Starting to Surge

The price of platinum hit an 11-year high last week, crossing the $1,400 mark for the first time since 2014.

In June, platinum’s price rose 27%, its highest monthly gain in 40 years.

At press time, the metal was trading at $1,417 an ounce.

Analysts attributed the metal’s newfound popularity partly to higher jewelry demand, as retailers seek an alternative to gold, which has topped $3,300 an ounce.

“It had been my contention that platinum had been underpriced versus gold/silver/bitcoin, and recognition of this would eventually drive prices higher to ‘catch up,’” Brian Larose, a commodity strategist at ICAP Technical Analysis, told MarketWatch.

Last week, a Bloomberg article said that “supply concerns and a wave of speculative buying” were fueling platinum’s surge.

“There’s…stockpiling in China competing with stockpiling in the U.S., both driven by different incentives, but both contributing to a depletion in global inventories,” Daniel Ghali, a commodity strategist at TD Securities, said in the Bloomberg report. “There is very little platinum that is available to trade.”

Top: A platinum engagement ring (courtesy of Platinum Guild)