Extracted from World Platinum Investment:
Platinum Quarterly is commissioned by the World Platinum Investment Council and based upon independent research and analysis conducted by SFA (Oxford). It is our intention to publish similar commentary every quarter ensuring greater transparency of the global platinum market and the delivery of regular data to investors.
The next Platinum Quarterly will be published on 6th September 2017.
This eleventh edition of the Platinum Quarterly, published on 15th May 2017, includes Q1 2017 analysis of platinum supply and demand fundamentals. It also gives a view of the global above ground stocks of platinum and an outlook for market fundamentals for 2017.
An overview of this report
This report incorporates analysis of platinum supply and demand during the first quarter of 2017, during which time total mine supply hit 1,330 koz, down 6.3% year-on-year and the lowest since Q3 2014.
- Today’s report shows that overall platinum supply is projected to fall by 2% year-on-year to 7,330 koz in 2017, with both primary and secondary supply expected to decline.
- Recycling is projected to fall by 6% year-on-year to 1,760 koz in 2017. Secondary supply from jewellery recycling is projected to decline by 20% year- on-year with recycling trends normalising following unusually large stock flows in China last year.
- Automotive demand for 2016 and 2017 is revised upward by 45 koz. The revisions reflect higher than expected global vehicle sales with increased loadings, while greater scrutiny of emissions is also believed to be limiting moves to thrift platinum loadings.
- Global platinum ETF holdings grew by 65 koz in the first quarter, with increases observed across most regions. ETF assets in the quarter were at their highest level since the fourth quarter of 2015. Bar and coin demand during the first three months of 2017 was supported by the minting of 20,000 one- ounce US American Eagle bullion coins in January, all of which were sold in just three days. Overall platinum investment demand is now projected to be 250 koz this year.
- Global platinum jewellery demand for the quarter increased 3% year-on-year, buoyed by increased Chinese retail sales during the quarter. However, global jewellery demand for 2017 is forecast to slip 1% from 2016, with anticipated declines in China and Japan outweighing gains in India and other regions.
- The platinum market is expected to be broadly balanced over the year, with a deficit of 65 koz in 2017 predicted. Above Ground Stocks are expected to end the year at 1,885 koz, a 3% fall on 2016, but more than 54% down from 2012.
PRECIOUS METALS MARKET REVIEW.
Weekly Spot Price (19 June – 23 June 2017) | ||||
Open | High | Low | Close | |
Gold | 1253.62 | 1258.69 | 1240.65 | 1255.47 |
Silver | 16.63 | 16.75 | 16.31 | 16.59 |
Platinum | 926.15 | 933.83 | 915.9 | 926.43 |
· | Gold Prices Weekly Forecast: Narrow Ranges Likely, Selling Interest On Rallies. Several US economic data release this week may suggest a decisive impact on sentiments surrounding the US economy, the Federal Reserve policy and Gold Prices. | ||
· | Gold Plunges After 1.8 Million Ounces Were Traded in One Minute. Bullion sank at 9 a.m. in London on Monday after a huge spike in volume in New York futures that traders said may have been the result of a “fat finger,” or erroneous order. Trading jumped to 1.8 million ounces of gold in just a minute, an amount that’s bigger than the gold reserves of Finland. | ||
· | Gold Miners (GDX) Setting Up For A Big Move Soon. Gold and especially gold mining stocks rebounded on Wednesday and trended higher into the weekend. This is giving some investors renewed hopes that the bull market that began roughly 18 months ago is about to reassert itself. | ||
· | Economic figures to monitor this week: | ||
Day & Date | Economic Events | ||
Tuesday, 27 June 2017 | BoE Financial Stability Report (UK)
CB Consumer Confidence (Jun) |
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Wednesday, 28 June 2017 | Fed Chair Yellen Speaks (US)
Pending Home Sales (MoM) (May) (US) Crude Oil Inventories (US) |
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Thursday, 29 June 2017 | GDP (QoQ) (Q1) (US) | ||
Friday, 30 June 2017 | Manufacturing PMI (Jun) (CHN)
GDP (QoQ) (Q1) (UK) |
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PRECIOUS METALS MARKET REVIEW.
Weekly Spot Price (5 June – 9 June 2017) | ||||
Open | High | Low | Close | |
Gold | 1279.66 | 1295.9 | 1264.38 | 1265.55 |
Silver | 17.5 | 17.7 | 17.11 | 17.11 |
Platinum | 952.84 | 967.18 | 933.86 | 935.5 |
Precious metals updates…
· | Gold edges up on weaker stocks, dollar ahead of Fed meeting. Gold inched up on Monday as Asian stocks fell and the dollar eased ahead of a U.S. Federal Reserve policy meeting that could give clues on the pace of interest rate hikes over the rest of the year. | ||
· | SHARPS PIXLEY Sees A 252 pct Increase In Physical Gold Demand. The elections leading to a hung parliament in the UK have seen a rush into physical gold by investors, as the country slips into a political vacuum. The uncertainty both in the UK and indeed geopolitical concerns across the globe have fed into firmer gold prices which have risen 11 pct so far in 2017 in international markets. | ||
· | Economic figures to monitor this week: | ||
Day & Date | Economic Events | ||
Tuesday, 13 June 2017 | CPI (YoY) (May) (UK) PPI (MoM) (May) (US) |
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Wednesday, 14 June 2017 | Industrial Production (YoY) (May) (CHN) Claimant Count Change (May) (UK) Core CPI (MoM) (May) (US) Core Retail Sales (MoM) (May) (US) Crude Oil Inventories (US) |
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Thursday, 15 June 2017 | Fed Interest Rate Decision (US) BoE Interest Rate Decision (Jun) (UK) |
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Friday, 16 June 2017 | BoJ Monetary Policy Statement (YoY) (JPN) BoJ Interest Rate Decision (JPN) CPI (YoY) (May) (EUR) Building Permits (May) (US) |
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