by Frank Holmes
GoldSeek
Strengths
– The best performing precious metal for the week was platinum, up 6.26 percent, as hedge funds boost their net-long position to a two-year high on expectations platinum will find new demand in the green hydrogen space as the catalyst for electrolysis to liberate hydrogen. The World Platinum Investment Council projects a platinum deficit of 1.2 million ounces for 2020, the largest since records began. Pandemic-related mine closures by key producers is likely to keep the metal in deficit even as demand from autocatalysts, the biggest consumers of the metal, is forecast to drop by 16%. The metal could get a boost from the surge in green hydrogen interest. Platinum plays a key role in electrolysis and in the fuel cells used in hydrogen powered vehicles.
– Newmont is on the Dow Jones Sustainability World Index for the 13th year in a row, which represents the top 10% of the world’s largest 2,500 companies in the S&P Global Broad Market Index. Newmont was named the top global gold mining company for its leading environmental, social and governance (ESG) performance, reports Kitco News.