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Platinum, which is used to curb emissions from diesel cars and in jewelry, rose more than 21% in 2019 – the biggest annual gain since 2009.

The long-only exchange-traded funds focused on the precious metal attracted $850 million in 2019. That was the biggest annual inflow on record, according to Bloomberg. 

Key quotes (Source: Bloomberg)

Ryan McKay, TD Securities commodity strategist, said: 

Platinum was very under-invested in 2017 and 2018 and that was very much due to the thoughts on diesel” after the emissions scandal. Investors started to take more of a liking to platinum in 2019. Its strong correlation with gold has certainly helped. That’s another driver in the ETF as well.”

Morgan Stanley said on Dec. 11: 

By 2025, about 850,000 metric tons of palladium used in autocatalysts could be substituted with platinum, “thereby rebalancing both markets,”