As for what is holding back platinum prices, Raymond said the market needs an injection of new capital. Platinum has been one of the worst performing assets in the precious metals sector. Its discount on gold continues to increase. Gold may rather be considered a store of value, and for those looking to transfer 401k to Gold IRA, it could be an ideal option for their portfolios. Industrial demand for platinum is influenced by different factors, such as gold and silver, which affect their relative performance.
In addition to being an investment product used as a portfolio hedge, platinum is widely used in jewelry and in the industrial and automotive sectors, where it is a key component in catalytic converters used to generate cleaner emissions in vehicles.