Do you want to try an API that can get you LBMA Platinum Pm Rates immediately? You should try the Metals-API.
On international commodities markets, platinum is traded constantly, just like gold and silver. Because it is significantly rarer than gold, it frequently commands a greater price (per troy ounce) during regular times of market and political stability. In reality, much less metal is dug up from the earth each year.
Additional elements also affect the prices of platinum:
Platinum is considered an industrial metal like silver. Catalysts used in automobiles to lessen the severity of emissions are the largest consumer of platinum. Following this, the majority of demand is for jewelry. The remainder is used by the computer industry, petroleum, and chemical refining catalysts.
The geopolitical environment in the nations where mining is done, as well as the law of supply and demand, have a significant impact on platinum pricing. In this regard, statistics on auto sales and production have played a significant role in determining prices. During the COVID-19 epidemic, there was a decrease in vehicle manufacturing and a reduction in the need for autocatalysts, which accounted for a third of platinum demand.
During the first quarter of 2021, demand rose by 21% while supplies decreased by 5% (mainly due to the automobile industry). This could cause the price of the metal to climb.
Demand in 2022 also increased, but by a marginal 2%.
But keep in mind that the increase of zero-emission vehicles can push pricing.
There are just two nations that have a significant concentration of platinum mines: South Africa and Russia.
Investors should keep in mind that due to all of these variables, platinum is the most volatile precious metal. This is why it’s so important to try an API that can deliver real-time precious metals data, our recommendation is:
What Are the Benefits of Investing in Precious Metals Over Stocks?
Precious metals investments have various advantages over stock investments, including being an inflation hedge, having intrinsic value, not having credit risk, having a high level of liquidity, adding diversification to a portfolio, and convenience of purchase.
Are Precious Metals a Good Investment for You?
The unique inflationary protection provided by precious metals. They are not susceptible to inflation, have inherent value, and pose no credit risk. Thus, you are unable to print any more of them. Additionally, they provide real protection against monetary, political, or military upheavals.
What Is Metals-API?
The Metals-API may deliver real-time precious metals data through API at a frequency as high as every 60 seconds, with an accuracy of two decimal places.
Providing exchange rates for precious metals, currency conversions, time-series data, volatility statistics, and the lowest and highest prices of any particular day are a few of the features.
How Does It Work?
It is simple to use. Now all you have to do is adhere to the guidelines listed below:
- Create a profile.
- Produce an API Key
- Choose the desired metal and currency.
- Make an API Request, then wait for the system to respond with an API.
Is The Website Secure?
Banks and financial information providers, such as the European Central Bank, are where Metals-API gets its currency data from. Bank-grade 256-bit SSL encryption is used to encrypt your connection to the API.
Also published on Medium.