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How To Get Live LBMA Platinum Am Rates With An API

Platinum is one of the most particular metals. Many people are interested in investing in it because of how tied it is to the industry. If you are interested in wanting to start investing, read this post!

Platinum is a rare precious metal and one of the most expensive on the market, Live Science reported. It is used in various ways, from the development of electronics to the production of jewelry. A lesser known fact, perhaps, is that platinum is widely used in the health care industry.

Platinum is a white, soft and ductile noble metal. The platinum group metals (platinum, palladium, iridium, rhodium, osmium, and ruthenium) are widely distributed on earth, but their extreme dilution makes their recovery impossible except in special circumstances.

Platinum can be obtained in sponge form by thermal decomposition of ammonium chloroplatinate or by reducing it from an aqueous solution. In this form it shows a high absorption power with respect to gases, especially oxygen, hydrogen and carbon monoxide.

Platinum it´s most commonly used in automotive catalytic converters and is also used in jewelry. The world demand for platinum in 2021 amounted to almost 7.8 million ounces. With demand this high, platinum production is important to meet demand. Estimated global platinum production in 2022 was 170 metric tons.

The largest platinum producing countries are South Africa with the world’s largest platinum producer by a significant margin, producing between 148 and 120 metric tons. Other countries like Russia, Zimbabwe, Canada and the United States are the ones that follow them in statistics. Due to this, platinum is a metal that is well positioned in the market. Many metals experts use Metals-API in order to keep up to date with the position of this in the movements of the stock market.

What Is Metals-API?

Metals-API gathers market data prices from a range of trade sources and organizations throughout the world in a variety of formats and frequencies. Commercial sources, especially for major currencies and commodities, are also recommended since they give a more realistic reflection of market exchange prices.

How Is It Used?

It´s very easy to use, just follow these specifications.

  • Make a user account on the website.
  • Look for symbols that relate to your mission.
  • Make an API request to them, indicating the metals you wish to use in the symbol field and the base currency of your choosing in the base currency field.

Where Do You Get The Data From?

Every minute, the Metals-API API’s collects exchange rate data from over 15 credible data sources. Banks and financial data companies are among the sources.

Published inTechnology

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