What's up with Platinum?

Overdate

Just looked at Kitco, showing platinum up $30 at $896 (!) and all other PMs in the red.
Palladium down $43!
What's going on?

cohodk

Can platinum be used in place of palladium?

Hemispherical

Yes

cohodk

@Hemispherical said:
Yes

I guess we just answered the OP.

Coinstartled

Perhaps it is closing the historically deep discount to gold. $500 seemed unsustainable.

Overdate

@cohodk said:
Can platinum be used in place of palladium?

Up to a point. My understanding is that both can be used in automotive catalytic converters, but the converters themselves have to be optimized for one or the other. Platinum and palladium aren't perfect substitutes for each other; if they were, automakers would have made the switch long before the price of palladium had risen so far above the price of platinum.

ARCO

Remember when Platinum was in the $1900 range? I do. No better way to get poor than to buy metals.

Overdate

Platinum has taken another big jump this morning, up $35 (and briefly over $900) while gold and palladium are down. Meanwhile, silver is over $18 and rhodium is up another $300!

Interesting day in the metals markets!

dpoole

Big $35 bump in Platinum, as Overdate said!

Did South Africa go to war with Russia, or something?

Unknown

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davidk

@ARCO said:
Remember when Platinum was in the $1900 range? I do. No better way to get poor than to buy metals.

Remember when a soda cost 5¢? No better way to go poor than to hold cash.

Unknown

This content has been removed.

ARCO

@davidk said:

@ARCO said:
Remember when Platinum was in the $1900 range? I do. No better way to get poor than to buy metals.

Remember when a soda cost 5¢? No better way to go poor than to hold cash.

"Cash" is not held in paper bills under the mattress, or tin cans you hide behind your lathe-n-plaster walls. Cash is put to work earning a return. Maybe I will go buy an ounce of platinum with the interest I earned from the money that i did not spend buying platinum at $1900.

Overdate

At the moment gold and palladium are exactly the same price, $1520.
And platinum's discount to gold has shrunk from over $700 to $584.
Silver is holding on to recent gains.
It seems industrial PM's are all in rally mode.
Amid all the recession talk, does this bode well for the economy?
(P.S. Almost forgot, rhodium is now at $4700!)

bronco2078

nickel looks good maybe someday soon I can unload all these rolls of canadian nickels

MsMorrisine

platinum is up with platinum again today

jmski52

'bout time!