Tanaka Kikinzoku Kogyo sold more platinum to investors than it bought in the third quarter (Q3) of the year, it has been reported.

According to Reuters, the increase in investor demand for platinum can be attributed to a fall in platinum prices and the metal's scarcity in relation to gold.

Platinum sales to investors actually hit a high not seen since November 1998 last month as the price suffered a dip in response to fears that demand for industrial use would take a hit.

Meanwhile, further analysis of data shows that Tanaka Kikinzoku Kogyo's purchases of platinum held by investors were higher than sales over the first three quarters of the year.

When compared with last year's equivalent figures, Tanaka Kikinzoku Kogyo bought 2.1 times more platinum from its customers in the first nine months of the year and sales levels increased 2.4 times.

The company's platinum retail sales price settled at US$43/g in September - significantly down on the US$75/g, 28-year high seen earlier in the year.

Tanaka Kikinzoku Kogyo's history in the precious metals trade stretches back over 100 years.

Source:

Reuters