The market for platinum group metals has gained a dose of optimism as the transition to electric mobility slows down. The auto industry consumes up to half of all the platinum produced annually while 80-90% of palladium is used within the auto industry. Switching to EVs therefore removes a large share of the market for these metals and would depress demand.
Mining firms like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) can therefore have reason to expect that the price surge seen last year in PGMs is likely to mark a major turn in the fortunes of…
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