The world's top platinum producers are teaming up to try to increase the metal's standing as an investment asset and not just a primary material, the group's representative told AFP Wednesday. With platinum prices hovering near five year lows and mines hit by labour disputes, six firms accounting for 70 percent of global production have forged the World Platinum Investment Council.
Platinum is today traded primarily as a raw material, most commonly used in catalytic converters, jewellery and hard disk drives. The London-based panel will work to develop an "active" investment market, compiling and publishing data every quarter on the market trends and provide analysis for investors. "What we want to do is to provide them with a better understanding and a more transparent picture of the platinum market worldwide," the council's chief executive Paul Wilson told AFP.
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