Lead-Lag Live

Why Platinum Could Be Your Portfolio’s Hidden Gem: Investment Masterclass

• Michael A. Gayed, CFA

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Discover why savvy investors are turning their attention to platinum in this comprehensive investment masterclass. Join our panel of precious metals experts as they break down:

• The unique supply-demand dynamics making platinum increasingly valuable
• How platinum compares to gold and silver in a diversified investment portfolio
• Industrial applications driving long-term platinum demand
• Strategic approaches to platinum investment: ETFs, physical holdings, and mining stocks
• Risk management techniques when investing in precious metals
• Expert price projections and market analysis for 2025-2030

Whether you’re a seasoned investor looking to diversify or a newcomer exploring precious metals for the first time, this webinar provides actionable insights to help you make informed decisions about platinum investments.

Don’t miss this opportunity to get ahead of the market—watch now and discover if platinum deserves a place in your investment strategy.

 Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.


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Speaker 1:

The problem with recycling is that, between what you can sort of see in this chart here is between 2013 and 2021, you sort of saw a sort of broad uptrend in recycling supply, and so that sort of alleviated a lot of fears that mining supply might sort of underperform. However, recycling supply has actually also begun to underperform. Also began to underperform, and again this is a function of lower prices for PGMs, disincentivizing the sort of economic rationale to collect scrapped autocatalysts. Additionally, since COVID and work-from-home trends have sort of arisen, people are tending to drive less, and another factor that's sort of reducing the supply of scrapped vehicles is that new car prices have substantially risen over the last three years.

Speaker 2:

Do me a favor for those of you that are financial advisors If you happen to be in an office with other financial advisors, please let them know that this isn't going to be happening during this rough hour time period. I think you'll find interesting. I think a lot of your colleagues will find this interesting, with a part of the commodity space which is, if you haven't noticed, gone kind of vertical. We're going to get into the reasons why, with some real experts here. For those that are here for the CE credits from the CFP board, I will email you after this webinar, get your information, submit those. So just stay tuned for that. You will get an email from me to get that relevant information to submit for the CE credits.

Speaker 2:

And, as always, appreciate those that attend these webinars that I host on a pretty regular basis now with various clients of Lead Lag Media. So, with all that said, my name is Michael Guy, a publisher of Lead Lag Report. I want to introduce my friend, mr Matt Lamb of Granite Chairs, and then we'll get right into today's topic around Platinum's Moments. So, matt, go ahead.

Speaker 3:

Morning everybody, and thank you for your attendance. We greatly appreciate it. We're really excited around the metal of platinum. Matt Lamb, I am the point of contact here at Granite Shares and our alternative analyst.

Speaker 2:

Of course, the man of the hour, mr Wade. Napier Wade, introduce yourself, and you know this is going to be your show, so we'll be in the background, but feel free to show the slides when ready. And, by the way, folks, if you want to do a Q&A or ask questions, type it in the chat, type in the Q&A. We'll address it towards the end.

Speaker 1:

So go ahead, wade. Thanks, michael, thanks for having us this afternoon or morning, wherever you are, and thank you, matt, for hosting us today. My name is Wade Napier. I'm the sort of senior analyst at the World Platinum Investment Council. I'm the sort of senior analyst at the World Platinum Investment Council. Obviously, our role as an industry organization is to promote platinum and specifically to promote investor interest in platinum and holding platinum as an investment asset, obviously for price appreciation. Just a little bit of my background. I come from a soul side equity research background specifically covering a full suite of commodities ranging from the precious metals themselves to bulk commodities, as well as forestry and paper. So that's just a little bit about me Today.

Speaker 1:

I'm just going to run everyone through the investment case for platinum as we see it. As with all presentations, please feel free to read the copyright and disclaimer notice. I'm not going to go through that now. I have briefly touched on who the World Platinum Investment Council is, but just for the sake of repeating myself, our shareholders are Platinum Group Metal Miners. They founded the World Platinum Investment Council in 2014. And ultimately, our goal is to provide actionable insights and market development for platinum as an investment asset. We have partners around the world who we work with, developing the physical bar and coin market for platinum products I won't go through them and then we also offer a suite of investment-based research on platinum markets and that is all freely available on the World Platinum Investments Council's website. So feel free to go to the website. As I said, everything is free and there is a lot of information within the sort of standing library.

Speaker 1:

But maybe sort of jumping into the crux of the presentation today, that's sort of the agenda I have sort of mapped out and I think I'm going to start things off quite simple and just really go through Platinum's background and just starting with, what is Platinum? What does the supply of Platinum look like like? I think, broadly speaking, we think platinum alongside its sister precious metals, namely gold and silver. But the unique thing with platinum is really its scarcity, in that it is about 120th the market size of gold and about 130th the market size of silver. So this is a very scarce metal and I think to add context to the scarcity of platinum, you really need to look to see where does this metal come from, and that is the chart on the right-hand side of the slide which really highlights that about 70% of global mine supply of platinum annually comes from South Africa. So it's very concentrated to South Africa and then, further to that concentration in South Africa, another 10% would roughly come from Russia and another 10% roughly from Zimbabwe. So when you think about platinum supply, specifically mine supply, when you think about platinum supply specifically mine supply, very concentrated to what you would in no uncertain terms say fairly risky geographies trends are with regards to sort of resource nationalization and sort of the global sort of scramble for critical minerals that are particularly useful in green transitions and technology developments going forward. So very concentrated sort of supply side dynamics for platinum.

Speaker 1:

Just looking at sort of a brief snapshot of demand and just to give the audience a little bit of a flavor there, there's four key demand sort of drivers for platinum. First is the automotive sector, which accounts for about 40% of annual demand, where platinum is used in catalytic converters, essentially emission control technology reducing harmful emissions out of the back of your vehicle's tailpipe. So it's specifically used in combustion engine vehicles and hybrid vehicles. There's no catalytic converter needed for a battery electric vehicle. The other sector is jewelry. Self-explanatory Platinum competes with gold jewelry and white gold jewelry in the sort of higher-end market space and jewelry demand accounts for roughly 30% of the annual platinum demand.

Speaker 1:

Sorry, third key segment is industrial applications. Platinum has very unique physiochemical properties and really what platinum's role in industrial applications is to support process efficiency and energy efficiency, ultimately increasing product yields from a multiple suite of end markets. So namely sort of chemical industry, petrochemical industry, glass fiber manufacturing, electronics industries, medical industry. So industrial is sort of like a catch-all sort of segment where platinum has multiple, multiple applications and again accounting for about one quarter of annual demand. And then finally investment, and that is physical platinum bars and coins or alternatively, etfs, and I'm sure Matt will be happy to elaborate on sort of ETFs later in the presentation. So, tying supply and demand together, we get this process flow diagram and again I think the important points to reiterate is that if you look on the left-hand side, supply is quite concentrated to South Africa and if you look on the right-hand side, demand is actually fairly nicely diversified across the four key segments that we discussed. So that's just a little bit of an intro into Platinum and now we're sort of just going to look at the supply-demand balance and the sort of outlook over the next five years or so.

Speaker 1:

I'm not going to go through this table line by line. It is a little bit detailed and feel free to sort of browse over this at your own leisure, but I think the key points really to make here is, if we look at sort of total supply, it's really stable at around seven to seven and a half million ounces per year. And if we look at sort of total demand, it's again sort of around that 8 million ounces a year. So if you just sort of do the basic maths and look at the last line in this table, platinum markets are undersupplied and they've been in a supply deficit since 2023, and a fairly meaningful supply deficit at that, with annual supply shortfalls upwards of 10% of total demand. So significant market imbalances going on at the moment and this chart is really just showing the platinum market surplus or deficit over a longer period of time, dating back to 2013. But again, I think the key point is obviously forward-looking, where the forecasts are for substantial and consecutive market deficits out to at least 2029. And I think I would just point out that the WPIC only sort of forecasts five years out. So if we were to forecast further afield, I think the logical conclusion is that deficits continue.

Speaker 1:

So I guess, looking at more recent market dynamics and really what's driving prices, let's just touch on prices because that is the big talking point at the moment. These two charts are just year-to-date price relatives. Looking at platinum, the top left-hand charts are really looking at platinum against a sort of basket of other commodities palladium, gold, silver, copper, nickel and iron ore. Really platinum was sort of middle of the road for much of the year but price action really started to kick off in May and year to date it is sort of obviously the standout performer amongst a sort of suite of commodities. And then, similarly, if you compare platinum to other asset classes, including equity and the dollar et cetera, again platinum is comfortably outperforming year to date.

Speaker 1:

And so really, if we're trying to sort of crystallize well, what's driving this price performance, we sort of want to sort of summarize it in six charts and we do go into a little more detail later in the presentation, just unpacking these six themes. But I'll sort of briefly go over them now. So the first is what we've kind of already touched on is we see the platinum market in the long-term deficit of being undersupplied. So that's the long-term deficit of being undersupplied. So that's the long-term theme. The short-term theme is really the top chart on the middle here and that's a market that's gone into deep backwardation in your London OTC swap markets and really what that's saying is that users of platinum are really willing to pay a significant premium to get metal immediately as opposed to getting metal three to six months out. And really I'll dig into what's driven that, but it's really been sort of tariffs and a lot of geopolitical sort of moves that is driving that sort of that deep backwardation and the sort of lack of physical availability in your sort of loco London and Zurich markets.

Speaker 1:

Top right-hand chart is really looking a little bit deeper at the supply side dynamics and the long-term trend, sort of going back to 2013, is really a downward trend in platinum supply and that is coming both from mining as well as sort of recycling and that's a trend that is likely to continue. And then bottom left-hand trend is the automotive demand sort of story. I think platinum has sort of suffered from a narrative of the electrified drivetrain and a very rapid adoption of electric vehicles globally and this is going to cause a lot of demand erosion and whilst we do see some downside risks to platinum demand in the automotive industry, I think there are definite upside signals that are coming out the market and that is likely to sort of materially slow the rate of demand erosion in platinum. Another key narrative that's ongoing at the moment the center graph, at the bottom row of charts there is really a jewelry story where the sharp uptick in gold prices is leading consumers to look for alternative jewelry purchasing options, and platinum has really been a beneficiary of that, and so we've seen strong platinum jewelry demand in the first quarter. We are getting strong indications in the second quarter, and then the final sort of theme that we'll chat about is really platinum's catch-up trade to gold.

Speaker 1:

That's on the bottom right-hand chart where platinum prices until two months ago had significantly, on a relative basis, underperformed that of gold. I think investors were seeing attractive relative valuations. So let's just touch on the first of those 16s that I just sort of went over there and that's really the long-term dynamics of Platinum and, as I sort of noted, we sort of see the market in substantial supply shortfalls for a very long time. Looking into the future, implication of this is that where you have above ground platinum holdings and sort of vaults across Switzerland and constantly being required to meet market demand, shortfalls and therefore depleting, and we see a depletion of this above ground metal sometime in 2028, 2029. And ultimately, what a depletion of this volatile metal means is that you need to either see price increases incentivize new supply coming to the market or you need to see demand erosion, and what we've seen in the last few months is really the first of those instances happening. That is, price increases beginning to incentivize some new forms of supply and particularly out of ETFs. And that's the bottom chart, on the bottom graph on this slide, where really you sort of see the line the blue line there is platinum prices. On your right-hand axis and the gray sort of bars there are ETF holdings and we sort of see, as prices begin to increase, you start to see an unwind of ETF holdings. Roughly sort of 250,000 ounces have been sold in July and that's really reflecting some profit taking where we sort of estimate a lot of these ETF holdings were accumulated at around $1,000 to $1,100 an ounce. So at obviously $1,400 an ounce platinum prices, it is natural that you start to see some investors capitalize and take some profits.

Speaker 1:

The second theme that we alluded to was very much short-term based and short-term market tightness. So how did the short-term market tightness really arise. Really, the sort of threat of tariffs following Donald Trump's election in November 2024 sort of began to emerge towards the back end of last year, and so, with the risk of platinum facing import tariffs into the United States, what we began to see is an accumulation of stocks on your NIMEX exchange. So these stocks are really backing your derivative contracts on volumes traded on NYMEX, and so really, us participants were sort of front running potential tariffs and moving metal from Europe to North America, and you can sort of see that uptick in metal moved across in the top left-hand graph. And as Liberation Day came, on the 2nd of April, you saw platinum holdings peak at around 630,000 ounces on NYMEX and subsequently decline to around 280,000 ounces over the next two or three months, as we found out that platinum is not directly going to face import tariffs into the US. However, we again see these holdings tick up in the last month or so as we sort of as the US administration has now placed tariffs on copper imports. So this again raises the sort of risk that platinum and other white metals may be subject to tariffs, and so drawing this metal out of Europe has sort of tightened European sort of OTC markets and we sort of, and that's created that sort of deep level of backwardation that you can see in the top right-hand chart, and alongside that backwardation you sort of see platinum lease rates in Europe sort of spiking as well, and lease rates going from sort of less than 5% for much of the last two years to, at one point, north of 20% in the last couple of days is really sort of highlighting that there is functionally a lack of physical platinum metal in Europe and so the market is really sort of struggling to sort of find metal, and that is supporting sort of platinum prices, particularly at the moment.

Speaker 1:

The third theme that we sort of touched on was a long-term supply erosion theme, and this is both from recycling and mining supply. So we'll first just look at mining supply, and this chart sort of just highlights first quarter refined production over the last sort of six or seven years in each of the key geographies, and I think the scale is quite important here in that South Africa, as I alluded to, is around 70% of global supply and that's just really been on a downward trend consistently over a long-term basis. And what's really been driving this is stagnant platinum prices since around 2018, 2017, sort of being sub $1,000 and else, and so the miners have not invested in new supply and ultimately mines do take anywhere from seven to 10 years to develop, and so the recent uptick in platinum prices is not going to sort of change what is fundamentally a long-term trend of supply erosion. So I think the market is really sort of cottoning on to this idea that demand is strong and supply is structurally facing erosion, and so you do have these entrenched sort of supply-demand imbalances.

Speaker 1:

The other aspect of supply is recycling volumes. So functionally recycling comes from as a vehicle gets scrapped, the autocatalyst on that vehicle is removed and stripped and taken to a refinery where the PGMs on the autocatalyst are recovered through various sort of pyrometallurgical processes. The problem with recycling is that you know, between what you can sort of see in this chart here is between 2013 and 2021, you sort of saw a sort of broad uptrend in recycling supply and so that sort of alleviated a lot of fears that mining supply might sort of underperform. Other recycling supplies actually also began to underperform and again this is a function of lower prices for PGMs, disincentivizing the sort of economic rationale to collect scrapped auto catalysts. Additionally, since COVID and work from home, trends have sort of arisen. People are tending to drive less are tending to drive less and another factor that's sort of reducing the supply of scrapped vehicles is that new car prices have substantially risen over the last three years and that was sort of initially a function of your semiconductor shortages which sort of played into higher new car pricing and with higher new car prices a lot of consumers turn to secondhand vehicles, which raise the value of secondhand prices and functionally, if the value of a secondhand car is worth more to keep it on the road, it doesn't find its way into a scrapyard, which ultimately means that the auto catalyst is not getting recycled, means that the autocatalyst is not getting recycled. So a lot of factors have culminated into recycling supply actually underperforming and so again now, in combination with weaker and eroding mine supply, that's really sort of informing the total supply outlook for the medium to longer term as being fairly depressed.

Speaker 1:

The sort of fourth theme that I wanted to touch on was automotive demand and some of the upside scenarios that we are potentially seeing, and I should say sort of upside relative to, I guess, a fairly somber base case of sort of demand erosion. What we've really seen is renewed narratives of tightening emission legislation. So out of China, several government agencies have looked at emission legislation and there has been accusations of cheating, particularly amongst the commercial vehicle segment. And so there's a review in progress of Chinese regulations. And then alongside that, china will sort of publish a draft proposal of what they call China 7 emission legislation in 2026 for potential implementation in 2028. And with each new sort of publication of emission legislation standards tend to tighten, which functionally means that regulators and government officials want to see stricter emission standards implemented, which means less harmful emissions being released by the tailpipe, which functionally means more PGMs going into catalytic converters. So there is upside coming through in China as well as the US. Whilst the narrative coming out of the US is anti-electric vehicle, that doesn't necessarily mean they're anti sort of emission control. I think that's an important sort of distinction to make. And so within the US if there is downside risk to electric vehicle, there's electric vehicle demand. There's obviously upside risk to combustion engine vehicle demand and hybrid vehicle demand. And so we sort of see that playing out in the medium term as well relative to some of our previous base case forecasts. So where we had a base case demand erosion of around one and a half percent per annum for platinum demand in the automotive sector. You know, that's potentially potentially sort of closer to half a percent per annum if some of these upside narratives play out.

Speaker 1:

The other thing we touched on was jewelry demand and really this is a relative sort of theme against gold, as I sort of alluded to, platinum is really competing against gold jewelry and also white gold jewelry and what we've sort of seen here the top chart is focusing on the first quarter of this year, with higher gold prices, gold obviously increasing at the start of the year from around $2,800 per ounce to around $3,400 per ounce. Those price increases faltered through to, obviously, jewelry prices and what we sort of saw in China. Gold jewelry demand was down roughly a third in the first quarter and platinum prices to that point hadn't really sort of risen all that much in Q1. And so we saw a lot of that demand sort of shift into platinum. I will sort of just quickly point out there are very different scales of the Chinese market where gold jewelry demand is. Those bars are based on tons and platinum is based on kilo ounces. So you're talking about the gold market being massive. Relative to platinum it's roughly sort of 35 times the size, just for some context. So for platinum you only really need to get small market share gains from gold jewelry in China to really have a meaningful sort of impact on the total platinum market. And I think that's what we've started to see towards the back end of Q1 and particularly into Q2.

Speaker 1:

And the bottom graph here is more of a, I guess, a developed market story where platinum is really competing against white gold in North America and Europe. And again this comes down to the relative pricing dynamics of the underlying metals, where gold has been very strong and that has pushed up the price of white gold. And so at a retail level what we're starting to see is that on like-for-life jewelry pieces platinum is actually priced at parity or even sometimes at a discount to white gold jewelry. And I think with a lot of your developed market consumers, when offered the choice between white gold and platinum, most consumers would choose platinum, just based on that entrenched sort of I guess consumer sort of perception that platinum is the premium metal. If you sort of think about bronze, silver, gold, platinum in that sort of consumer slash marketing narrative. So when you start to get that retail prosperity between white gold and platinum, there really is that sort of consumer demand stimulus coming through for platinum, that sort of consumer demand stimulus coming through for platinum, and that's a very positive demand story that we are seeing playing out currently.

Speaker 1:

In summary, I'll sort of circle back to the six charts that we sort of used to summarize things. We've got long-term deficits. We've got short-term market tightness. We've got a weak outlook for supply, both on the mining side and recycling side. We've got upside potential for automotive demand. We've got immediate upside potential for jewelry demand, platinum's catch-up trade relative to gold, which are really sort of all culminating together to sort of support the 50-odd percent increase that we have seen in platinum prices to date.

Speaker 1:

I think the other factor which I think deserves its own sort of discussion point has really been China, particularly this year. What we've seen out of China is extremely, extremely strong demand from that market for both investment products as well as jewelry. The chart on the left-hand side shows volumes on the Shanghai Gold Exchange, shows volumes on the Shanghai Gold Exchange. What we can see here in 2025, volumes on the SGE have already sort of exceeded that of 2023 full-year volumes and are broadly catching up to 2024's full-year volumes, even though we are only effectively halfway through the year, even though we are only effectively halfway through the year. And I think what's important to note about SGE volumes is that it's actually a one-way flow, so you're only able to buy platinum on SGE. You're not actually able to sell it back on SGE. So, given that it's one-way flow, this ultimately is indicative of end-user demand and less so of investors trading back and forth. So I think that's an important point to note.

Speaker 1:

Specifically within the gray line is Chinese platinum imports, which were until this year, you know, on a fairly sort of consistent downtrend since the middle of 2023. And they've sort of broken out of their sort of downtrend in the last sort of quarter or so and specifically in the second quarter of 2025, chinese platinum imports were up 26%. So really and that sort of really accelerated price moves on a global basis for platinum. And so what's really driving the China demand story is really two things. It's both investment demand and that's for physical investment products, so bars and coins, as well as jewelry, or it doesn't have any sort of exchange, such as a 9X exchange which you could sort of trade derivative contracts for platinum. So for investors to get exposure to this metal, it is largely a physical market, and so we've seen an explosion of demand for platinum bar and coin.

Speaker 1:

And I've just come back from Shanghai and Shenzhen two weeks ago and speaking to some of the bar and coin fabricators, you have fabricators who last year were doing average production volumes of around 50 kilograms a month. This year they're sort of recording some months doing 500 kilograms in a single month. They're recording some months doing 500 kilograms in a single month. So in one month they had effectively done what they did the entirety of last year. So an explosion of demand from fabricators. But in addition to that sort of like-for-like demand increase, you've seen an increase in actual the number of fabricators. You've seen an increase in actual the number of fabricators. So, anecdotally, last year there were about 8 to 10 fabricators producing platinum bars of coins in China. That number is probably closer to 25 to 30 at the moment. So not only are you seeing the fabricators from last year increasing their like-for-like volumes, you're seeing more participation in the market. So that just gives you an idea of the activity that's happening in China.

Speaker 1:

And it's a similar story in jewelry, albeit not as explosive. So again speaking to some of the jewelry manufacturers Fabricator last year doing on average around 350, 360 kilograms per month. This year his monthly average is up to about 600 kilograms per month, so a comfortable 50% year-on-year increase in fabrication volumes. And that is really in combination with the investment narrative driving things forward. And to translate the fabrication component into a sort of more wholesale and retail component, we've gone to the sort of wholesale markets in Shenzhen in China. Like I said, I was there about two weeks ago and where last year you sort of saw very much a scarcity of platinum jewelry counters and stores. You've seen a number of new stores open up this year in Shenzhen, sort of pushing platinum that really comes from. As I sort of alluded to earlier, chinese gold demand for jewelry was down 30% in the first quarter, driven by the high gold price driving consumers away into cheaper platinum, which at the time was one-third the price of gold. So it's really been quite a strong story and some of the feedback from Shanghai Platinum, which was two weeks ago, was strong jewelry, strong investment demand.

Speaker 1:

I'm not going to go through each of the bullet points and I think I did allude to earlier upside potential within the automotive sector which is expecting to see some new, tighter emission legislation come through in the next couple of years which will sort of support a sort of step change in platinum, palladium and rhodium demand. So I think China's been an exceptionally positive story this year and I think that sort of speaks to what I alluded to earlier is markets competing for very scarce and critical mud rolls where China is sort of pulling in a lot of metal. Europe clearly has a shortage of metal where you can sort of see that market in backward Asian and North America also pulling in a lot of metal to sort of de-risk against potential tariffs. So you sort of are seeing these sort of geographic dislocations and sort of that is sort of supporting platinum markets alongside the underlying fundamentals which I alluded to are very attractive.

Speaker 1:

But just talking of geopolitics and tariffs, I mentioned that platinum is not directly tariffable under the sort of latest US tariff guidelines. However, there are some elements of platinum that are tariffable and specifically these are finished platinum products. So platinum jewelry will be subject to a tariff and platinum bars be subject to a tariff and uh, platinum bars are subject to a tariff. So so platinum, so platinum coins which would be defined as legal tender are not tariffable. And then you know, raw platinum in sponge or in good form are not tariffable. So to sort of hopefully simplify this for the audience automakers who need platinum for their catalytic converters or industrial petrochemical users of platinum, for instance, they will import platinum in what they call sponge form, so that won't be subject to a tariff.

Speaker 1:

But if you're importing finished products like platinum jewelry or platinum bars for investment purposes, that is subject to a tariff, which currently stands at the baseline tariff of 10%, and that's potentially and I think Matt may want to sort of allude on this that makes something like ETF, investing in ETFs, a more attractive proposition for the time being than something like physical bars and coins, which do face tariff risk. And I think I alluded to the fact that lease rates were exceptionally high in Europe and those high lease rates are actually sort of restricting supply of platinum coins as well. So again, etf as a form of investment looks very clean at this point in time and the outlook from that aspect is quite appealing. That's what I sort of wanted to touch on and I appreciate I've gone through quite a lot and potentially there are sort of gaps where I haven't sort of covered and I'm sort of happy to sort of elaborate further.

Speaker 2:

Perfect Again, folks, for those that are here for the CE credits, I'll email you after this webinar. Stick around for a little bit more here. I feel like we should touch on GraniteShares in the context of this, by the way. Phenomenal presentation, incredible data. Everybody that's watching this found it very interesting, because it does obviously explain a good amount of this move. But, Matt, talk about GraniteShares and some of the exposure that you guys offer.

Speaker 3:

So Granite Shares. We sponsor the ETF PLTM, that's Paul, larry, tom, mary. It is a physically backed ETF. We have our vault located in London, right near the LNE, to make things extremely efficient. What we focus on here at Granite Shares is tracking the spot price and making sure that we are doing it in a cost-efficient manner. We're offering our ETF at the lowest expense ratio in the marketplace, and we wanted to make sure that we increased transparency as well, so each and every one of our platinum bars is serial marked and listed on our website, so that way, you can track them all yourself. It's a metal that we're extremely excited about. Our volumes have been extremely healthy. We've seen a tremendous amount of inflows this year, and the spreads tend to be extremely tight. It's a metal that we're going to be continuously promoting and, for people that have signed on, I'm going to be reaching out to you to address any questions that you may have on it or on the ETF in particular.

Speaker 2:

Is there a way for those that might be curious to get a copy of this presentation, for them to do so?

Speaker 1:

Absolutely. This presentation is not on our website, but if someone wants to reach out to myself or Brendan, or either yourself, michael or Matt, we can send it through to you and we're happy that this presentation gets distributed to participants on the call.

Speaker 3:

I'll be more than happy to send that out to anybody that requests it.

Speaker 2:

Appreciate everybody joining again. Look out for an email from me for the CE credit and hopefully we'll see you on the next webinar. Again, this webinar is sponsored by Granite Shares. Thank you buddy, thank you Wade, thank you Matt.

Speaker 1:

Thank you everybody, thanks everyone.

Speaker 2:

Cheers everybody.

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Michael A. Gayed, CFA

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