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00:00 Is the Platinum the biggest loser among the precious metals in 2024?
00:07 If we look at the performance of this metal in 2023, it has seen a 40% decline since the beginning of the year.
00:16 In the 7th session of November, we noticed that it decreased by 4% and reached its lowest levels in 5 years.
00:25 Even the UBS bank expected that the price of Platinum will drop to around $1000 in the second half of 2024.
00:34 Currently, it is also at the level of $1000.
00:37 The main reason today is the decline of the Platinum metal.
00:41 First, we should point out that the movement of Platinum is the opposite of the rise of the dollar that we are witnessing at the moment.
00:48 Also, there is a weakness in the demand for this metal due to the decrease in the production of cars.
00:55 We should remember that the production of electric cars is in great demand.
01:04 Today, there is a decrease in the demand for it due to the increase in the production cost and the decrease in the purchasing power.
01:12 Today, consumers, especially in the United States, are facing great economic challenges due to the high cost of loans and the rising interest rates.
01:25 This affects the decrease in purchasing power and therefore the decrease in the demand for this metal to produce electric cars,
01:32 which also requires batteries and is very expensive, and is more expensive than the cost of internal combustion engines for cars that produce fuel.
01:42 We should also point out that the fluctuations in the price of this metal in South Africa cause a decrease in the price.
01:50 Therefore, the question remains, will Platinum be one of the biggest losers in the price of precious metals in 2024?