(1888PressRelease) December 31, 2011 - MIAMI, FL - Platinum did not have the best year in 2011, to put it mildly. However, this is a situation that should change in the near future. Described as 'rich man's gold' and 'the only metal fit for a king', platinum traditionally trades at a premium to gold. For some months now the price has been significantly lower, defying 'normal' trends and it is debatable how long this situation is likely to last.
Platinum earned its reputation due to its rarity and beauty; approximately 6.4 million ounces of platinum is produced annually, compared with 86 million ounces of gold and a staggering 735 million ounces of silver. There are no large stockpiles of platinum and it is extremely difficult and time-consuming to extract. The main sources of platinum ore are in South Africa and Russia. Platinum is widely used in industry, particularly in the automotive industry, where it is used in the manufacture of catalytic converters. It is also used in jewelry making and has gained more popularity in that industry at its new low price point. Approximately 40% of all platinum mined annually is used by the jewelry industry while 50% is used by other industries. The platinum used in the automotive industry eventually disappears, as little is recycled, whereas gold tends to remain in existence, almost in perpetuity.
"Platinum is extremely rare and has intrinsic value due to its beauty, rarity and functionality," says Bill Hionas of Pan American Metals of Miami. "The current low price cannot last too long into 2012. I think we will see platinum make a long-awaited comeback early next year."
About us:
Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.
Website: http://www.panamericanmetalsofmiami.com
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Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Platinum's rebound is overdue. 
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