Platinum may just skyrocket
 

Precious metal prices have been on an absolute tear this quarter, breaking records and notching up fresh record highs. There is no denying that Gold is everyone’s favourite trade when terms like “Crisis”, “Credit Crunch” and “Recession” start dominating the headlines.

 And full credit to Gold because its doing what a safe-haven asset should do during times of economic uncertainty by retaining value and delivering high returns – in this new financial climate, we now find ourselves in right now.However, there is another precious metal which is quietly outperforming Gold this year.

That precious metal is Platinum.

Generally overlooked in favour of its precious metal cousin Gold – Platinum prices have tallied up an impressive gain already in 2023. Currently, Platinum prices are on track to close the week trading above $1,100 an ounce, their highest level of the year so far. Since the beginning of April, Platinum prices are up almost 15% – bringing its quarterly gain to just under 24%. That’s Platinum’s biggest quarterly increase since the first quarter of 2008.

 And the rally might not stop there!

 With so much hot money chasing precious metals, Platinum is tipped to be one of the most hottest and high in demand asset classes of 2023. According to the World Platinum Investment Council, Platinum is an attractive asset for anyone looking for value in the precious metals sector. With Platinum prices currently trading above $1,100 an ounce – it’s one of the most undervalued metals on earth right now and presents significant upside potential compared to its peers. If the current precious metals rally turns out to be "identical" to the 1982 and 2008 bull runs – like many of the world's leading Wall Street institutions forecast – then Platinum prices are ultimately heading in one direction.

 And that's higher, a lot higher!

If Gold prices are going to $2,500 an ounce this year, then that indicates Platinum prices could still surge another 60-70% from current levels. Whichever way you look at it, one thing is clear – it’s only a matter of time before Platinum prices break all-time record highs. The big question now is how high will prices go?