Correction: This article has been updated to reflect a revised Global Precious Metals MMI® index value due to a formula error. We apologize for any inconvenience this may have caused.
The monthly Global Precious Metals MMI® came back up in the first month of 2013, registering a value of 113 in February, an increase of 2.7 percent from 110 in January.
US PGMs led the upward move this month.
Investors are looking bullish again, and demand for the industrial precious metals — in particular silver, palladium and platinum — is looking up, according Will Rhind, managing director of ETF Securities.
“Overall global demand for the metals has been pretty strong,” Rhind said, in an interview with MetalMiner. “Good auto numbers out of China particularly leads to a bullish outlook.”
Platinum and palladium are both widely expected to be in deficit this year, and once emission control standards in China are going to be raised to match European standards, demand for these metals for use in auto catalysts may rise even further.
Primary Price Drivers of Precious Metals Index
The price of US platinum bar rose 9.4 percent to $1,674 per ounce after falling the previous month. US palladium bar prices rose 5.5 percent to $741.00 per ounce.
US silver prices rose 3.7 percent, ending at $31.47 per ounce.
At a price of $1,664 per ounce, US gold bullion declined 0.7 percent. Gold bullion in China, meanwhile, rose ever so slightly.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.