Are you seeking a good alternative to Bloomberg for precious metals API with platinum prices? Then check these!
The global platinum market was substantially oversupplied in 2021. Palladium prices have surged as a result of the crisis in Ukraine, leading manufacturers to switch to lower platinum to save money, boosting demand. Russia produces around one-quarter of the world’s palladium and one-tenth of the world’s platinum.
Substantial platinum imports into China, much of it by speculators taking advantage of low prices, consumed the market excess in 2021. Platinum supply is predicted to fall by 1% in 2022 as a backlog of semi-processed metal in South Africa depletes.
It can be difficult to collect platinum prices in real-time and with accurate results because there are a lot of sources in the network. Bloomberg is one of the most important tools on the network for obtaining metal prices, but it is not the only one. You can find a lot of APIs available that can help you with data to decide the best moment to invest in this metal.
API means Application Programming Interface and its function is to send information between multiple devices to show it to a user who is in another place than the center of information. An API is easy to integrate into another platform as an app or website.
So, if you want to discover a strong alternative, you must know that there are many APIs for platinum rates that you can utilize. Unfortunately, not all of them work in the same way, so you should be careful which one you choose to prevent losing time and money.
Metals-API
Metals-API is a software that gives reliable and up-to-date information on any precious metal in any currency. The basic plan’s data is updated every hour and has a two-decimal point precision. You will additionally receive 50 API calls each month in this instance.
Each minute, our platform pulls data from over 15 credible data sources. Financial institutions providers are among them such as futures exchanges like COMEX/ NYMEX rates. As a consequence, you will receive incredibly accurate values. Metals-API shows the current market value of precious metals such as gold, silver, aluminum, platinum, and palladium. It’s very easy for programmers because it has facilities to integrate and has results in JSON, PHP, and Python.
Currencylayer
Currencylayer is a simple-to-integrate REST API that provides real-time and historical exchange rates for 168 worldwide currencies and precious metals in a publically accessible and instantly parsable JSON format that is compatible with any program. Its mission, with over several customers worldwide, is to equip enterprises and people with the tools they need to organize what should be mechanized while concentrating only on building fantastic products.
Ice
They trade client precious metals and iron ore markets, such as the most liquid micro gold and silver futures and options market, as well as iron ore contracts based on Platts and The Steel Index (TSI) underlying. They enable financial institutions to manage their positions and conduct investment and hedging policies more effectively by utilizing liquid and clear markets and improved delivery processes.