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The council noted that outflows in platinum-backed exchange-traded funds have weighed on prices; however, despite the growing surplus, there is still a tightness in the market. “Recessionary fears, rising interest rates and weaker commodity prices were visible this quarter – mirroring the net sales trends seen in gold and silver ETFs,” the analysts said in the report.“Following this trend, ETF holdings are expected to continue to fall in 2022, declining by a total of 550 koz,” the analysts said.
Raymond pointed out that even faced with a global recession, platinum demand within the automotive sector is above 2018, 2019 levels. “Although down from the record levels of demand seen in 2021, this is up slightly from Q1 expectations, with 2022 close to being the second strongest demand year in our series, supported by a small, but growing, demand from the production and use of green hydrogen in electrolysers and fuel cells respectively, amongst other factors,” the analysts said.
Bullish
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