In this edition of Platinum Essentials, we present Above Ground Stocks (AGS) for platinum, including an analysis of estimating AGS and a comparison with AGS estimates of palladium and rhodium. AGS are a natural part of physical metal markets. However, methodologies for calculating annual supply demand balances vary across different data providers, with the result that AGS definitions and therefore estimates can vary significantly. In comparison to other PGMs, platinum AGS appear relatively benign compared to current and potential future annual platinum demand.

In this edition of Platinum Essentials, we present a detailed analysis of the palladium market to provide a framework for platinum investors and others interested in the palladium market. The high price of palladium relative to platinum is positive for platinum demand as palladium substitution by platinum in automotive catalysis is the likely mechanism that will drive market rebalancing.

Our latest Platinum Essentials explores whether the emergence of cryptocurrencies is relevant to the investment case for platinum.

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Platinum Essentials is a product exploring topics affecting platinum as an asset class. Our first edition is a Platinum primer, answering fundamental questions on platinum.