Home » Industries » Inflation law tax credits to brighten platinum prices
Inflation law tax credits to brighten platinum prices
Green economy enthusiasts creating a long-term demand for energy: Dietz
Peapack Private Wealth Management managing principal cautions investors to not overreact to July’s inflation rate on ‘Making Money.’
The Inflation Reduction Act (IRA) should lift prices of platinum, a key component of many green technologies, by expanding tax credits to stimulate demand for hybrid and electric vehicles, charging and refueling stations, green energy storage and other clean energy investments.
"The Inflation Reduction Act is expected to increase demand for platinum and platinum group metals in the near-, medium- and long-term," Trevor Raymond, director of research at the World Platinum Investment Council, told FOX Business.
Platinum and palladium, along with rhodium, iridium, ruthenium and osmium, make up the platinum group metals.
Platinum is used in jewelry, but the precious metal has industrial and automotive applications. Demand is heavily influenced by the auto industry, where platinum, palladium and rhodium are used in parts, including catalytic converters. Platinum and palladium are often swapped in the manufacture of converters, depending on the price of each metal.
INFLATION REDUCTION ACT: WHAT TAX HIKES ARE IN THE BILL?