Platinum Market Peters Out in Longest Losing Streak in 3 Years
By GCRU Gold News on Saturday, September 17 2016, 02:48 - Permalink
Investors are losing interest as the popularity of electric cars, which use less platinum and palladium than gasoline-fueled vehicles, threatens demand for the metals used in auto pollution-control devices, according to John Meyer, an analyst at SP Angel Corporate Finance LLP. The strengthening dollar also weighed on prices.
“Demand is in question,” James Cordier, the founder of Optionsellers.com in Tampa, Florida, said in a telephone interview. “The dollar has been a weight on gold and precious metals, and without any industrial demand for platinum, that’s double trouble.”