Platinum-backed exchange traded fund (ETF) holdings increased for nine consecutive days earlier this month to reach 2.96-million ounces, the highest level on record. The report by BMO Global Commodities Research also noted that ETF inflows had been strong in the year to date, as investors had seemingly taken a view that palladium might be overbought. The belief that platinum will begin substituting palladium over the midterm is now intensifying. Although platinum, hit by the ‘dieselgate’ scandal, has seen its price drop to below $800/oz in 2018 from more than $1 500/oz in 2014, BMO researchers described the price as having now steadied, after seemingly hitting an inflection point in late 2018 and rising by more than 6% so far this year.