Monday morning market reports presented strong manufacturing data, leading to rising prices for the platinum metals group. The PMI (Purchasing Manager’s Manufacturing Index) released on Monday, October 24th, showed substantial growth in output, new orders, stock prices, etc. The report sparked investor interest and sent platinum prices soaring.
Investors respond to improved ISM Manufacturing Index and PMI data by pumping resources into metals used largely by manufacturers in a multitude of industries, creating a robust bull market.
While increased production of the electric car had previously caused a slight decline in platinum prices, increased demand for platinum in developing industries means platinum could once again challenge its sister metals in value.
Platinum, up nearly 3% already this morning, certainly shows promise for continued growth if manufacturers progress, producing and taking new orders at the rate of current reports. While the latest PMI report shows above average index levels, likely to settle in the coming weeks, the future remains bright for this shiny metal.
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