Platinum Could Rise to $1,700 by Year End, Average Projected at $1,457: Thomson Reuters GFMS

This year’s Thomson Reuters GFMS Platinum and Palladium Survey is out, and it looks like in 2014 the platinum price is expected to stay relatively flat at $1,457 per ounce; that’s 2 percent lower than last year’s average.

However, GFMS analysts also expect platinum “to exceed the $1,700/oz level by the end of this year,” so investors are hopeful that the white metal may see gains yet. The firm made its projection on the basis that rising platinum demand will be outweighed by significant decreases in mine supply and production.

Meanwhile, the average price of platinum’s sister metal, palladium, is expected to see gains of 9 percent from 2013. GFMS believes it has already bottomed out for this year.

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