Gold 
“Platinum prices are starting to rise, and the rally could have legs. It has been a while since it was a precious-metal king. In May 2014, platinum traded for $1,500 an ounce, $200 more than gold. But since then, it has trailed gold. On Thursday, gold was at $3,323 an ounce, and platinum, $1,017.
Platinum supply runs about seven million ounces annually from mining and recycling, compared with more than 100 million ounces of gold. Platinum has been in deficit for the past two years, meaning that demand has exceeded supply and the market has been drawing down aboveground stocks. The World Platinum Investment Council estimates that the deficit will continue in 2025.
One reason: More than half of mined platinum comes from South Africa, where mines are often old, deep, and expensive to operate. The WPIC sees mined supply falling 6% this year to 5.4 million ounces. Unlike gold, platinum lacks central bank demand. Some 40% of demand comes from car catalytic converters, threatened by electric vehicles, which lack converters. But EV sales have stalled, and popular hybrids use converters.
Meanwhile, Chinese buyers priced out of gold are turning to platinum. The largest platinum exchange-traded fund, Abrdn Physical Platinum Shares, hit a 52-week high this past week and is up 18% in 2025. As Aberdeen’s director of ETF investment strategy, Bob Minter, says, “For platinum investors, the long wait may be over.” “
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
