Why electric vehicles are not yet a worry for the platinum metals sector - WPIC's Trevor Raymond

WPICsTrevorRaymond electricvehicles Why electric vehicles are not yet a worry for the platinum metals sector - WPIC's Trevor Raymond

- A supply deficit and growing industrial and investor demand set the stage for a platinum price recovery according to Trevor Raymond, CEO of the World Platinum Investment Council.Compared to other metals, Raymond said platinum has room to run. He noted both supply constraints and demand growth due to industrial demand, namely catalytic converters.

"We've got a situation where platinum remains significantly undervalued compared to gold and significantly undervalued compared to its one-to-one substitute, palladium," said Raymond. Raymond noted China's uptick in demand, highlighting that the country imported 1.2 million ounces more than their demand needs.

"What's basically happened is that exchange stocks and ETF stocks have flown from the West to the East. Once platinum gets into China, it's pretty difficult to export it, so you've got a lot of metal that is geographically captive in China. It's quite a tight market."Raymond is not worried yet about electric vehicles displacing internal combustion engines, which require catalytic converters. He said the transition will take longer than governments and regulator hope.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

KitcoNewsNOW /  🏆 13. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Will Smith, opening up about Oscars slap, tells Trevor Noah 'hurt people hurt people'Will Smith opened up to Trevor Noah about the now-famous slap at the Oscars in March during an appearance that aired Monday night on 'The Daily Show.'
Read more »

'Will Smith tells Trevor Noah he was 'going through something' when he hit Chris RockWill Smith says he was \u0022going through something\u0022 the night he struck Chris Rock.
Read more »

'So random': Western's reversal on COVID vaccination surprises studentsWestern University’s sudden dropping of its vaccine mandate has left students wondering, why now?
Read more »

Oil: Why Goldman Sachs is still bullish despite headwindsStrategists at the New York-based investment bank see Brent crude averaging US$110 per barrel next year From jefflagerquist
Read more »

Why holiday air travel could still turn into a nightmare before Christmas for CanadiansExperts caution there could be widespread delays and cancellations at airports, so plan for disruption
Read more »

Reasons why ApeCoin [APE] holders can be bullish in the near termAPE registered unprecedented growth over the last week Exchange outflow spiked RSI and CMF were in support of a further price hike ApeCoin’s [APE] recent price action caught the eyes of many as it outperformed its contemporaries with a higher market capitalization. APE registered over 27% weekly growth and, at press time, it was trading […]
Read more »