London: 10 July 2009 - GoldMoney, the leading provider of precious metals storage in gold and silver bullion to retail investors and digital gold currency payments, has expanded its precious metals offering with platinum. Investors looking to diversify their precious metal portfolio can from today buy up quantities of platinum in their digital accounts.
Metal analysts suggest that an economic recovery could lead to a strong platinum rally as the price is 40% lower than 12 months ago. Platinum is the rarest precious metal of all. Annual production amounted to 5.5 million ounces in 2008 - one tenth of the amount of gold produced in a year. Platinum is predominantly used in industry where demand has increased almost threefold over the past 30 years particularly due to the expansion of the car industry which consumes half the annual global platinum output.
Demand for platinum jewellery has also increased, particularly in China, since prices hit bottom in November 2008. Platinum currently sits at around US$1,200 an ounce but precious metal analysts suggest that an economic recovery will lead to a strong platinum rally. South Africa, the largest producer of platinum, has also had difficulties increasing output of the metal which in turn will contribute to a supply deficit when industrial demand increases.
GoldMoney founder James Turk said: 'Platinum offers the opportunity to diversify one's precious metals portfolio, but it is often difficult for retail investors to locate and purchase. GoldMoney has now changed that because platinum can be purchased online with the same ease and convenience that our customers purchase gold and silver.'
As with the purchasing of gold and silver, GoldMoney customers can open an account with as little as £10 and transfer funds to specially segregated customer funds accounts prior to placing a specific order for platinum. Orders and payments are made through a secure online system and processed by GoldMoney's servers, which record transactions and store currency and metal balances. All customer metals are insured and held in allocated storage in specialised bullion vaults in Zurich and London, and the metals are audited annually and reported to customers.
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