Private wealth management firm customers may demand white metals

Private wealth management firms may be increasingly asked to invest in white metals for their clients.

It was previously reported by the Telegraph that buoyancy in the motoring industry, which uses white metals for catalytic converters, had pushed up demand for the commodity.

Indeed, a new report from GFMS has revealed gross surplus of platinum last year stood at 849,000 ounces, a 47 per cent increase over the year.

This level marked the highest noted in the 11-year data series and the report said investor demand supported this. Indeed, private wealth management firms may have noted a similar trend among clients.

However, the study stated: ’Looking ahead to this year, although platinum autocatalyst and industrial demand should benefit from the improved economic outlook, GFMS believes that this will be partially offset by weaker jewellery demand, principally in China.’

It also found while global palladium mine supply fell by one per cent in 2009, output in South Africa was up five per cent.ADNFCR-2318-ID-19738755-ADNFCR