The World Platinum Investment Council has announced that demand for platinum is growing while supply is limited. In 2023, the platinum deficit will be almost one million ounces. According to the latest updated data, the platinum deficit this year will be 983,000 ounces. This is 77% more than in 2022, with demand expected to increase by 28% and supply to decrease by 1%. Edward Sterck, Director of Research at the World Platinum Investment Council, reported this. According to him, this is a record deficit since the early 1970s. Total supply is expected to fall to 7.2 million ounces, while demand will reach 8.2 million ounces. The cause of the deficit is a shortage of production, as demand has increased due to the increase in car production. And platinum has become more in demand in industrial demand. In ETFs, there has also been a noticeable inflow of funds after significant shortfalls over the past couple of years. The ETFs have grown by approximately 240,000 ounces since the beginning of 2023, according to Sterk. And the supply is still limited. Production at mines has not changed on an annual basis, but has decreased by 6% compared to long-term production rates. According to forecasts, secondary processing supply will also remain unchanged in 2023, but will decrease compared to previous years. It has decreased by 12% since 2021. The potential impact of sanctions against Russia and power supply problems in South Africa will affect supply, and these trends are likely to remain the same in the near future, leading to a continuation of the deficit. According to the World Platinum Investment Council's estimates, the scale of the deficit is increasing. The initial estimate was slightly over 200,000 ounces for 2023. Then in March it was around 550,000 ounces. And now we're talking about almost a million. What does the deficit mean for prices?
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