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All told, Thomson Reuters GFMS is predicting at least a 700,000-ounce physical platinum deficit this year. It projects that platinum will pass $1,700 per ounce by the end of 2014, a 18% increase from today's price.
Platinum is even more scarce than gold. Only 3.6 million troy ounces are produced per year. If you assume that the world has produced 3.6 million ounces per year for 50 years to estimate the total worldwide supply, all of the platinum in the world would fit in a cube that is roughly 20 feet on a side.