Platinum & Palladium Surge: Why Investors Are Buying Now

Jeffrey Christian: A part of that factor that’s been involved, is that you’ve seen, for the last two years, you’ve seen mine production decline. In South Africa, in Canada, the United States, and in other countries, you’ve seen mine production of platinum decline and that has tightened the market.

Sean Brazney: Now, we talked a lot earlier last year about accumulating platinum anywhere under $1,000 an ounce. Between under $1,000 and then if it went under $900, buy more and we said that over and over again last year and now, I think, we’re up and over $2,400 an ounce. It’s more than doubled in price. It looks like investor demand. I want to make that the focus— Investor demand. We’ve been talking a lot about that, but I wonder, do you have some fundamental news for us that might point to some other info?

Jeffrey Christian: In platinum, I think there are two factors. One is, yeah, there’s been a tremendous increase in investment demand, especially since September. The last four months of last year, we saw investors really come into platinum and palladium and we had been cautious on it. We didn’t think the price would be as strong as it has been and a lot of other investors, obviously, were holding back, too. Then by September, they said, “No, this is it,” and they’ve come into the market, but part of that factor that’s been involved, is that you’ve seen, for the last two years, you’ve seen mine production decline. In South Africa, in Canada, the United States, and in other countries, you’ve seen mine production of platinum decline and that has tightened the market. The way we look at the market, you still have small surpluses last year and this year of newly refined metal coming into the market relative to the amount of fabrication demand, but it’s a very small amount now. The market is basically balanced in supply and demand. It’s down from larger surpluses in previous years, prior to 2024, and any increase in investment demand has to be met with higher prices, because the newly refined metal coming into the market is mostly almost exclusively going to fabrication demand. So, if investors come into the market, as they have very strongly in the last four months of 2025, they’ve got to bid the price up high enough for people who had bought it at $800 or $1,000 to say, “Okay, $2,500? I’ll take that.” Yeah and that’s what’s happening.

Sean Brazney: Well, it’s been an incredible kickoff to the year. Jeffrey, we’re always very thankful for the time that you spend with us and giving us concrete data and information on a monthly basis in our video series. Of course, all the reports that you’ve done with us, many of which are still very relevant, that our viewers and listeners can still call in to Monex. You can talk to an account representative, not only get their free reports, but get updates on gold, silver, platinum, and palladium, as we move into this new year, and of course, some exciting new reports coming through from CPM Group. So again, thank you very much for your time today, Jeffrey.