Which is more promising, platinum or gold?
Over the past few months, many investors who bought gold at prices above $2,000 per troy ounce have been wondering why gold has stopped rising?
Almost every day the news reports on a possible US default and how much the precious metal will rise in price after that, but the price still moves in the range of 2000-2050 dollars.
There are many reasons why gold prices are not rising, but the most important one is the low demand for this precious metal.
A paradoxical situation has developed in the market: on the one hand, central banks and small investors are buying up gold bars, while on the other hand, there is a decrease in demand for gold jewelry and an increase in the supply of the metal.
Which metal will generate more profit in 2023, platinum or gold?
Due to the current situation, many investors are starting to wonder which will bring more profit this year: platinum or gold?
Demand for platinum has fallen significantly in recent years, and this has been the main reason for its price decline:
If you compare the price dynamics of gold and platinum, you will notice that there were periods when platinum was much more expensive than gold.
The opposite situation has now occurred: the price of gold is almost twice that of platinum. However, this only makes platinum a more promising precious metal in 2023.
Most experts predict a rise in platinum prices in 2023, citing a shortage of this metal as the main reason. The World Platinum Investment Council states that in 2023, the market could face the largest platinum shortage in the last 50 years.
This means we can expect the price of bullion to rise by at least 25%, from $1,067 per troy ounce to $1,300. There are also even more optimistic forecasts:
Unfortunately, not every bank sells platinum bullion today; it's much easier and more profitable to buy the metal through a brokerage company.
Among the brokers that allow you to open platinum trades, I recommend the following companies:
Amarkets - www.amarkets.org
InstaForex – www.instaforex.com
FxClub - www.fxclub.org
In this case, it is advisable to use contracts for difference, so-called CFDs on platinum, rather than futures contracts with a limited term; this will allow you to hold a position for an unlimited period.
