Platinum has quietly become one of 2025’s top-performing assets—surging more than 50% year-to-date. With industrial demand booming, investment inflows accelerating, and supply in crisis, analysts are now making bold calls: Platinum could hit $4,000 an ounce before Gold ever gets there.
While Gold has stolen headlines—briefly crossing a record $3,500/oz, Platinum is outperforming in the shadows. At $1,350/oz, it’s at its highest level in over a decade—and analysts say this breakout has legs.
What’s Driving Platinum’s Outperformance?
- Unmatched Demand Growth: In China—the world’s biggest Platinum market—demand is exploding. April imports surged to 11.5 tonnes, the highest in over a year. Jewellery retailers in Shenzhen have tripled, scrambling to meet the soaring appetite for Platinum.
- Gold Fatigue = Platinum Opportunity: As Gold nears psychological resistance, investors are rotating. Bank of America estimates just a 1% shift from Gold to Platinum jewellery would double the current global supply deficit overnight.
- ETF and Institutional Flows Accelerate: Platinum-backed ETFs are soaking up supply. TD Securities warns of a potential short squeeze as physical liquidity tightens and investment demand rises to 688,000 ounces in 2025.
A Deepening Supply Crunch
Supply is the real wildcard. According to the World Platinum Investment Council, the market faces a 966,000-ounce deficit in 2025—its third straight year in the red.
South Africa, which produces over 80% of global supply, is grappling with rolling blackouts and mine closures. New production? Unlikely. Even the CEO of Impala Platinum warns current prices aren’t high enough to justify development.
Platinum’s Edge: Utility + Scarcity
Unlike Gold, which is mostly a store of value, Platinum is indispensable in industry—used in everything from car catalytic converters to green hydrogen technology.
And here’s the kicker: Platinum is 18x rarer than Gold, yet trades at less than half its price. Historically, Platinum commanded a premium over Gold. That relationship is poised for a sharp reversion.
Ready for the Next Big Trade?
With the fundamentals aligning—soaring demand, collapsing supply, and a historic price gap—the Platinum market may be on the cusp of a major revaluation.
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These materials are for information purposes only. They do not post a buy or sell recommendation for any of the financial instruments herein analysed.
Deltastock AD assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon the information on this page.
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