Platinum Producers Benefit From Global Price Surge in Zimbabawe

But.. Zimplats reported an 11% y/y production drop in Q1 2025 (shortages of trackless mobile machinery, smelter issues and intermittent power supply problems) while Valterra Platinum’s Unki Mine’s Q3 2025 production fell 8% y/y (lower head grades)

New expansions and upgrades from Zimplats’ fleet to increase production capacity as well as forecasted production from Tharisa’s Karo Platinum is due to increase future capacity, once funded

PGM rally pushes SA’s mining output higher

September’s production up 1.2% from a year ago, with domestic PGM production up 6.7% year on year in September, contributing 1.7% points to the headline increase.

Platinum has surged 80% this year, hitting a 12-year high of $1,745/oz in mid-October after a 36% jump in Q2. Strong demand and prices have lifted PGM miners’ performance: Impala paid its first dividend in two years, Northam Platinum’s final dividend nearly tripled, and Sibanye-Stillwater reported stronger mid-year results.

Platinum’s Supply Concentration

South Africa, Russia, and Zimbabwe account for over 90% of global platinum production, with South Africa alone supplying nearly three-quarters of the world’s platinum, leaving the market extremely exposed to local risks and disruptions — few raw materials rival platinum’s production concentration

China to Publish Stockpile Data

China will soon begin to publish platinum and palladium stockpile data as it launches its first metals futures market, offering rare transparency in a tightening global market. Strong Chinese demand has helped lift platinum prices nearly 80% this year, with new daily inventory updates set to increase China’s influence on international prices

Largest PGM Miners

PGM miners look small next to their gold counterparts, with the biggest PGM company, Norilsk Nickel worth ~$23B — while leading gold miners like Newmont Corporation and Agnico Eagle Mines Limited each have market caps over ~$80B and ~$77B. Even the entire top 5 PGM miners are smaller than a single gold major

Yet, platinum’s true value is only starting to be unlocked — investment appeal is rising fast and its supply is limited with persistent deficits making it more attractive as a store of value and portfolio diversifier, positioning PGMs, and especially platinum as an emerging asset class for forward-looking investors

South African PGM Production

South African PGM miners faced weak H1 2025 prices and disruptions, but finances improved from June as platinum-led gains boosted revenues. Full-year 2025 refined SA platinum output expected below 3.6 Moz. H2’25 production modestly higher with demand still exceeding supply, supporting higher prices than H1’25

The China Securities Regulatory Commission has Approved the Registration of Platinum and Palladium Futures

The China Securities Regulatory Commission has approved the registration of platinum and palladium futures options on the Guangzhou Futures Exchange – these should go live by the end of the month

Macau has Updated its Law on the Purity of Gold and Platinum

Macau has updated its law on the purity of gold and platinum sold in the city, repealing a 20‑year‑old regulation to better protect consumers and modernise the sector in line with competing markets

The rule stipulates that the fineness of solid gold must be no less than 999%, while platinum must meet a minimum of 990%

These standards are the most common for investment products, including bars and coins

Platinum Shows a Positive Correlation With Gold

Platinum shows a positive correlation with both gold and silver, reinforcing its status as a store of value asset within the broader precious metals complex

While gold and silver typically have the highest correlation—often driven by their roles in jewellery and investment demand, platinum stands out for exhibiting a closer relationship to these metals than hashtag#palladium

Platinum Investment Demand in 2025 is Likely Understated in Official Forecasts

Reports show surging bar and coin purchases, record ETF inflows, and a sharp increase in retail and institutional interest—especially in China

Most industry projections show only modest growth, but actual investment appetite is far outpacing these estimates, making platinum one of the most sought after metals this year

Safe-Haven Assets: Precious Metals Shine Brighter Than Ever

While gold and silver have surged to record highs, platinum’s 75% rise over three years still leaves it well below past peaks

Despite strong gains, platinum remains historically undervalued compared to gold, giving it significant room for further performance as safe-haven demand grows and supply challenges persist

Platinum Prices Consolidated

Platinum prices consolidated with low volatility near 1,600/oz, as output disruptions (notably flooding at Amandelbult) reduced refined supply by 22% year-on-year. Production guidance remains stable, but economic signals and US policy uncertainty drive market indecision

Palladium held above 1,400/oz and is also consolidating after a 56% YTD rally. The BEV surge is capping demand for autocatalyst metals, but hybrid vehicles provide some support—overall, risks of profit-taking and deeper corrections persist

Rhodium saw a modest price uptick, Ruthenium and Iridium were flat.Ruthenium demand is still driven by robust HDD shipments, but advances in magnetic recording technology could threaten longer-term consumption. Iridium benefits from hydrogen tech investment in Asia, despite flagging global fuel-cell sales

Forecasts from the LBMA conference in Kyoto predict by end of 2026

▪️ Platinum to climb from US$ 1,544/oz to US$ 1,816/oz
▪️ Gold seen nearing US$ 5,000/oz
▪️ Silver expected to rise from US$ 46 to US$ 59/oz

Japan’s Jewellery Market Continues Platinum Adoption

Japan’s jewellery market continues platinum adoption, consistently outperforming white gold in consumer preference

Platinum now accounts for 28% of all jewellery sales by unit in Japan —second only to gold at 55% and well ahead of white gold, which holds just an 8% market share

EU Car Registrations Rise 10%

EU car registrations rose 10% in September for the third straight month, marking a 0.9% year-to-date increase as new models hit the market. Electric vehicles held steady at a 16.1% market share, while hybrids led with 34.7%—the top choice among EU buyers

As a reminder, hybrid cars, now the biggest sector, use 10-15% more platinum in their catalytic converters and emissions controls vs. ICE vehicles

Belarus Issues Bonds Linked to Silver and Platinum

These new financial instruments are innovative for the national market and will help investors protect capital and expand their income opportunities

In the summer of 2025, Gold-linked bonds were launched on the Belarusian Currency and Stock Exchange

New Sanctions on Russia

With Washington’s new wave of sanctions hitting Russia’s top Oil producers, it is now more likely that Russian platinum group metals are the next target.

As a reminder, Russia produces ~10% of global platinum— any sanction risk could have major market implications.

India Officially Recognises Silver as Banking Collateral

India has taken a significant step by officially recognizing silver as banking collateral, setting a 10‑to‑1 gold‑to‑silver ratio.

From April 2026, individuals will be able to pledge up to 10kg of silver (vs 1kg of gold) for bank and NBFC loans—effectively remonetizing silver and aligning it with gold as a trusted monetary metal.

This move deepens silver’s role in both finance and industry—bridging household wealth with productive credit, while coinciding with a global shift toward tangible asset‑backed reserves in places like Saudi Arabia and Russia.

If silver can re‑enter the banking system as a store of value, could platinum be next?

With its unique industrial and strategic importance—and a long history as a scarce, store‑of‑value metal — platinum may be on the verge of its own “remonetization” moment.

Section 232

After a sharp multi-week rally, precious metals are undergoing a pause, with traders awaiting clarity from the U.S. Section 232 investigation into critical mineral imports. The outcome will dictate short-term direction across Silver, Platinum and Palladium.

Investors are treating the decision as a binary event:

No tariffs: would ease London tightness, reduce the London-over-COMEX premium, and normalize lease rates

Tariffs: would strand U.S.-held metal, intensify London scarcity, and trigger higher COMEX premiums and possible price spikes

Osaka Exchange to increase margin amount for Gold and Platinum Futures

The margin amount for Gold and Platinum Futures (Gold Standard Futures, Patinum Standard Futures, Gold Mini Futures and Platinum Mini Futures) on Osaka Exchange is increasing significantly

The change reflects the rapid fluctuation of their prices in recent times

China Cancels Platinum Tax Rebates That Have Stood Since 2003

The government will start collecting value-added tax on domestically produced and imported Platinum sales from Nov. 1

Platinum Trading on the Shanghai Gold Exchange

Platinum trading on the Shanghai Gold Exchange remains strong despite elevated prices. The exchange continues to serve as the main channel for China’s industrial users and jewellery manufacturers to obtain platinum.

By the end of September, cumulative platinum trading volumes had reached 27 tonnes, 46% higher than the same period last year and have already surpassed the full-year totals recorded in both 2024 and 2023.

Platinum Versus Gold

For most of modern history, platinum traded above gold and was considered more valuable. Today, with platinum deeply discounted versus gold, the metal has significant upside as it regains status as a store of value

Production Cost of Platinum: ~$1,100 USD
Market Price of Platinum: ~$1,600 USD

Production Cost of Gold: ~$1,300 USD
Market Price of Gold: ~$4,250 USD

Strong Investment Demand From China

China, the largest global market for platinum bar and coin investment demand, accounting for 64% of global demand in 2024 compared to just 11% in 2019, has shown exceptionally strong retail investment activity

This demand has been concentrated in smaller bar sizes (20g or less), reflecting strong participation from individual investors

Japan’s largest retailer suspension sale of Gold and Platinum

Japan’s largest gold retailer, TANAKA, announced a suspension in the sale of gold bars ranging from 5 grams to 50 grams and platinum bars from 5 grams to 10 grams due to supply crunches

Gold to Platinum Ratio Normalization

The Gold — Platinum ratio is starting to show signs of gradual normalization after years of deviation from historical norms, as market observers turn their focus toward long-term value opportunities

FOMO Not Yet Apparent in Platinum Market

While FOMO has driven gold above $4,000—nearly 4x its production cost—we believe FOMO remains a long way from emerging in the platinum market, where prices trade at less than ~1.5x sustained production cost and offer far more compelling asymmetry

Platinum options trading has surged in 2025, with September’s average daily volume reaching 1,500 contracts, up 62% YTD

There is increasing market focus on platinum, fueled by industrial demand, green energy trends, and investment interest

Trend is not yet apparent

For the first time since April 2013, a troy ounce of Platinum now costs more than $1,600. The extent of the price increase undoubtedly gives cause for skepticism, but Platinum is still very cheap compared to Gold in historical terms. This may have sparked buying interest.

The first significant inflows were also recorded in the Platinum ETFs tracked by Bloomberg over the last five trading days. However, holdings remain low, and a trend is not (yet) apparent.

Platinum Soars 50% as Investors Diversify Portfolios, Hedge Inflation

Investors are flocking to platinum in 2025 as an inflation hedge, seeking assets that central banks cannot print amid persistent above-target inflation and declining interest rates

Platinum’s appeal is driven by its scarcity and value as a diversification tool alongside gold and silver for protecting portfolios against currency devaluation

Platinum has surged above $1,600 for the first time since 2013, driven by supply tightness, elevated lease rates, and safe-haven inflows alongside gold and silver

Platinum is under scrutiny as part of President Trump’s Section 232 investigation into critical minerals, with potential US import tariffs expected to be decided in October

Foreign Investors Find a Secure Path: Iran Opens Gateway for Gold, Silver, and Platinum

Across the world, momentum is shifting decisively toward hard assets, as both governments and private investors turn to precious metals for stability

Against a backdrop of persistent geopolitical uncertainty and mounting fears of currency devaluation, newly emerging policy frameworks are increasingly positioning precious metals at the centre of long-term financial security

Rhodium is highlighted as one of the most critical minerals for the U.S. economy

With a potential trade disruption—especially from South Africa—projected to result in over $64 billion in annual GDP losses due to its strategic importance in key industries

The 6 PGMs, Platinum, Palladium, Rhodium, Ruthenium, Iridium, and Osmium are mined together — PGMs are only getting started

The Bullish Case For Platinum

Platinum’s above-ground market value is extremely small compared to gold and silver— just $4.5 billion versus $25,992 billion for gold and $413 billion for silver

Even modest new investor demand can make platinum’s price surge, and recent deficits have massively reduced inventories, adding to its bullish outlook

Medical demand for platinum forecast to reach new high this year

Few recognize the strengthening demand profile for Platinum, and even fewer are aware of the growing surge in investment demand

Demand for platinum as an investment product is currently “extremely strong”

“What’s really interesting is that where we’re seeing the strongest growth in platinum investment demand is in the smaller bar sizes and in coins, which is a clear indicator of broad-based demand.”

The Evolution of Platinum

From refinery disruptions and trade wars to the industrial evolution of autocatalysts, platinum has weathered structural deficits, policy changes, and waves of demand

China Emerges as a Key Pillar of the Global PGM Market

China accounted for 64% of global platinum bar and coin demand in 2024, up from just 11% in 2019

Platinum Price Soars in Strong Uptrend

Platinum has been building a steady bullish trend since 2020 and the long-term outlook points higher

As long as the key support from that low holds, prices are expected to keep rising over the coming months

What’s Really Driving the Platinum Price?

Few see that platinum is regaining its status as a store of value

Recycling catalytic converters is cheaper than mining for platinum group metals, but ~6% of the 12M recycled each year are stolen

The widespread recycling and theft of catalytic converters is driven by platinum’s rarity and high market value. Platinum-group metals are essential for reducing vehicle emissions and are in constant demand for automotive, pharmaceutical, and industrial uses, making converters a sought-after target for both recyclers and criminals.

From Decline to Deficit: Platinum Jewelry’s Untapped Potential

Jewellery is still the second largest driver of platinum demand (~18%), but demand has dropped by half since 2014 — with white gold replacing platinum, a major shift is underway

BofA analysts recently noted that even a 1% switch in gold to platinum in jewellery could help double the platinum’s metal supply deficit to 1.6M ounces

Platinum’s $PPLT among the world’s 7 top-performing ETFs in 2025

Platinum’s abrdn Physical Platinum Shares ETF ($PPLT) has surged into the ranks of the world’s seven top-performing ETFs of 2025, bolstered by platinum’s rally to 11-year highs and a year-to-date gain of over 50%.

WPIC Q2 2025 Platinum Quarterly report

The World Platinum Investment Council — WPIC has published their Q2 2025 Platinum Quarterly report

The investment trend in Platinum continues its course as we continue to advocate that Platinum is regaining its store of value

Forget gold or even silver. Platinum is outperforming both with 57% rally in 2025

Brokerage Samco Securities echoes this view, pointing out that platinum’s surge has been driven by South African production disruptions, younger buyers shifting into platinum jewellery, and ETF inflows as investors reassess its undervaluation relative to gold