Palladium was the toast of the town in precious metals in 2018 and gold is starting to make a resurgence, but Pacific Investment Management Company (PIMCO) suggests giving platinum a second look.

Platinum prices fell 14 percent last year and is currently priced at just over $800 per ounce compared to gold and palladium, which are both over $1,300 an ounce.

“Platinum is relatively unloved and relatively cheap compared to other precious metals,” said Nic Johnson, Pimco’s managing director and portfolio manager for commodities. “It would only take a rotation of a few percent of the assets in gold exchange-traded funds moving to platinum to really have a big impact on platinum supply-demand balances and prices.”

Platinum is primarily used in catalytic converters in diesel-powered automobiles, but environmental concerns tamped down demand for the precious metal. As such, the price of platinum has fallen over the years amid weaker demand and excess supply.

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