PEDAL TO THE METAL: Inflation law tax credits to brighten platinum prices
Peapack Private Wealth Management managing principal cautions investors to not overreact to July's inflation rate on 'Making Money.'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., 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.
IRS 1040 Individual Income Tax forms for the 2018 tax year are arranged for a photograph in Tiskilwa, Ill., March 11, 2019., it would be a plus for platinum and palladium. Converters in hybrid vehicles contain more of those elements than gasoline-powered vehicles. For example, the dual exhaust Toyota Prius has two converters.
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