The diesel industry is dying, and it’s taking platinum down with it. Platinum prices have merely been treading water since the Dieselgate scandal thanks to diesel vehicle sales in Europe going on a five-year freefall. The automotive industry is the biggest consumer of platinum, with 44% of the world’s supply of the precious metal going into catalytic converters. But with a dramatic fall in demand, and now Covid-19, the prognosis appears bleak for platinum bulls.
Or, maybe not.
Whereas platinum is losing its most important customer in diesel, it’s about to gain an equally impressive one: Green hydrogen.
Trevor Raymond, head of research at the World Platinum Investment Council (WPIC), has told Kitco that the hydrogen boom is about to provide a new lifeline for platinum.
Jubilee Metals Group (LON:JLP) is a global, diversified metal recovery company that operates world-class projects, ensuring a positive impact on the environment and its stakeholders.
