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.

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