Why has platinum become so cheap and almost same price as gold?

Platinum was $2200 per once at its highest and now is $850. Gold was $1000/oz and now is $850. Why did platinum fall so much. Will platinum bounce back to its earlier price?

Public Comments

1. gold is so high, that some speculators feel it will crash,along with wall street and oil, so they are buying something that is cheaper
2. "Precious" metals are only valuable when people think they are, they have no "intrinsic" value (like stocks, which are a little piece of a company that has earning potential, assuming it is a real-run company), so their price is dictated largely by supply, demand, and fashion. Over the long term, metals are about as losy a place to keep your money as there is, though they are typically slightly better than hiding it under the mattress! Think about it, platinum just sits there, it doesn't "do" anything, and the only thing that gives it any real value is if it's needed for making catalytic converters, or ear-rings...
3. It really has to do with demand. If you noticed, when oil hit a record of $147 in the summer gold hit its own record. Now that oil has fallen so has gold. Platinum is not too much in demand therefore the price will not be as high, and unless there is more economic turmoil, platinum will not go as high as it did.
4. Platinum used in catalytic converters in cars. Go buy a car.