Platinum prices and exchange traded funds are heating up with year-to-date gains of 20% as the health of the global economy is looking better. A short supply could also support a rise in platinum prices if demand spikes while South African miners are on strike.

“Global demand for platinum is growing around 4% annually and the metal is an important part of the industrial process. The stakes are high in South Africa, with Impala saying deliveries will be reduced by half so that sets up a strong case for platinum as an investment story short-term,” Tim Harvey, senior vice president at ETF Securities, said. [Why Platinum ETFs are Outperforming Gold This Year]

South African platinum miners are on strike, and the country supplies 75% of the world’s platinum. The government in South Africa has been trying to regulate and set controls, and some plants have been temporarily shut down, reports Kenneth Rapoza for Forbes. [Platinum, Palladium ETFs Look to Bounce Back]

According to one analyst, the quantitative easing occurring in the U.S., Japan and Europe could have platinum hitting $1,800 an ounce, possibly $1,900. The April platinum futures contract closed at $1,707 earlier this week.

Furthermore, platinum deliveries for April have been reduced by about 50% of the normal amount. [ETF Chart of the Day: Platinum]