Gold and its related exchange traded funds (ETFs) have been real attention hogs lately, what with all the record-setting prices. But a new precious metal is in town.
Platinum hit a record high on Wednesday, reports Atul Prakash for Reuters, to $1,591.50 an ounce. In fact, the metal has been posting nice gains for awhile now, and other metal-backed ETFs for gold and silver have been among the top performers of late.
Why no ETF? The fears are the same: a platinum ETF could create tightness in the market when the prices are strong, as they are now. That volatility could ultimately hurt the jewelry market. Interestingly, a platinum-backed ETF in Europe doesn’t appear to have caused the same issues and it has been a big success.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.