Platinum at a five-week high as markets continue to digest the new European Hydrogen Bank
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Platinum is getting a boost as investors continue to digest last week's news that the European Union will create a new European Hydrogen Bank to bridge the investment cap between future supply and demand. October platinum futures last traded at $918.40 an ounce, up nearly 2% on the day. "Hydrogen can be a game changer for Europe. We need to move our hydrogen economy from niche to scale," von der Leyen said at the Sept. 14 press conference."To achieve this, we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand."
According to some market analysts, the growing hydrogen economy could significantly shift platinum's supply and demand outlook. The precious metal is a critical component in electrolysis, the process used to separate water into hydrogen and oxygen molecules. Green hydrogen is produced using renewable energy like solar or wind power.
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