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It’s the chip shortage. Automakers were forced to cut production of vehicles because they don’t have chips, a necessary component in the computer system of any car.
Auto makers account for some 40% of platinum demand and 80% of palladium demand, embedding them in exhaust systems to neutralise harmful emissions.
The chip shortage worsened over the summer and is expected to continue through next year.
It helped drag platinum prices from a seven-year high of $1,336.50 an ounce in February to as low as $901.30. On the other hand, palladium dropped from an all-time peak above $3,000 an ounce in May as far as $1,841.93.
Both metals have recovered since. Platinum trading around $1,010 an ounce and palladium around $2,000. Experts think that the recovery will continue but in a limited basis. This is according to Reuters’ study.
They predict that platinum will average $1,110 in 2022.
For palladium, they predicted an average of $2,150 in 2022.
Analysts said demand should improve as the chip shortage eases and car makers may even overproduce to replenish stockpiles when they can — potentially lifting prices.
Two of the three who predicted supply-demand balances said palladium would be in deficit next year.
If Reuters is correct, palladium’s loss could be gold’s gain.
As automakers try to recover from what they lost last year, that will signal high demand for gold, a main component of chips.
The problem is that other industries using gold are starting to mature, moving from test phase to production like the medical industry. We also can’t ignore cellphone, computers and others. They all need chips and all chips need gold.
Meanwhile, the earth is chillin’. It’s not like it can produce more gold than it already has. Earth can’t make gold. It takes a literal astronomical event for gold to form.
A lot of demand and limited supply is economics 101. That equals to a price hike. Don’t wait for the price to go up before investing. Invest now while gold is still under $2000. By the time it hikes up, you’ll be secured.
Make sure to consult your financial advisor but if you have more questions about gold and silver investing, we have the answers. We have associates that will be there to answer your call. Don’t worry, we will not pressure you to buy anything. It’s a no pressure conversation (877) 646-5347.
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