WPIC Platinum Quarterly

After a strong start to the year, platinum’s momentum continues to flag, with prices capped near $2,000 an ounce. Analysts note that, because of the growing EV market, platinum and the broader platinum group metals sector need new sources of demand as the market share of ICE engines with catalytic converters declines. However, some analysts suspect that the global energy crisis, driven by the ongoing war in Iran, could provide new momentum for platinum. Spot platinum last traded at $1,925 an ounce, down more than 2% on the day. The ...

Despite renewed momentum at the start of the month, the platinum market continues to struggle within its broader range, with prices at the start of London’s historic platinum week back below $2,000 an ounce. However, platinum prices could be poised for another leg higher as persistent supply deficits, dwindling above-ground inventories and renewed investor demand tighten an already constrained market, according to the World Platinum Investment Council (WPIC). In its first-quarter trend reports, published Monday, the WPIC said the ...

Last year’s record supply deficit in platinum is expected to narrow this year, but the precious metal will remain sought-after by investors amid complex geopolitics which have increased price volatility, said the World Platinum Investment Council (WPIC). Commenting in its Platinum Quarterly, the council forecast a 240,000 ounce deficit for platinum in 2026, much lower than the 1,082 million oz last year – the deepest shortfall on record – but with many of the market drivers behind the metal’s rally still in evidence. “The key drivers ...

Global investment in platinum bar and coin surged 660% year-on-year in the second quarter of 2025, when platinum outpaced gold and silver and even platinum demand from hydrogen-based applications is forecast to rise by 19% off a low base. “Platinum has broken out of its post-pandemic trading range to be the top-performing commodity in the first six months of 2025,” World Platinum Investment Council CEO Trevor Raymond stated in a media release to Mining Weekly. “Looking to the remainder of 2025, platinum’s investment case remains ...

The platinum market is expected to record a deficit of 966 koz this year, which follows a 992 koz deficit in 2024. The forecast platinum market deficit for 2025 has been increased from the 848 koz reported in the March 2025 Platinum Quarterly primarily due to upward revisions in global platinum demand. • Supply risks remain a prominent theme in 2025. In Q1 2025, mining supply declined by -13% year-on-year to record its lowest output since Q2 2020 which was in the height of COVID lockdowns. While mining should benefit from improved ...

Still waters run deep. While gold enjoys a rapid rally, platinum remains in the shadows. For most of the past year, XPTUSD prices have stayed within a trading range of $900–1,050 per ounce. However, a gradual cooling of investor interest in the leading precious metal and major economic shifts in Europe could work wonders. According to the World Platinum Investment Council (WPIC), the metal’s shortage in 2025 will reach 848,000 ounces, higher than the previously expected 539,000. This marks the third consecutive year of demand ...

Investors should expect to see significant and entrenched structural supply deficits in the platinum market for the foreseeable future as recycling and mine production cannot keep up with solid consumption, according to the latest report from the World Platinum Investment Council. The platinum market is expected to see a supply deficit of 848,000 ounces this year, compared to last year’s deficit of nearly one million ounces, the WPIC said on Wednesday in its quarterly and 2024 year-end demand trends report. This is the third year the ...