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The PGMs: 20th C. Historical Prices

Here is a Real Inflation-adjusted price chart of the PGMs since 1900. (Real Inflation is estimated from John Williams’ ShadowStats.) I’ve created this unique chart researching the reported prices before 1930; this is one way to illustrate the relative price movements of the free-market PMs. You can see bubbles, price spikes, troughs and collapses in the 6 PGMs over the last Century at different times. Adjusted POG is shown, for comparison.

Take-aways:
1) The long term volatility of ‘free-market’ PMs is more evident in the record of PGMs.
2) Several Platinum-metals have usually proven a better long term inflation hedge than Gold.
3) An investor can diversify a PM allocation with 2 (or 3) PGMs: they’re uncorrelated, not ‘all the same.’
4) By inflated USD$ terms, the prices of PGMs still look relatively cheap and not yet close to bubblicious.

4) The 20th C. inflation adjusted average prices (in 2009 USD$) are as follows:
Rhodium: $ 4,110.
Platinum: $ 2,160.
Palladium: $ 1,380.

Gold: $1,310.

  • : Infl-Adj PGMs in 20th C.jpg

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