What the World Platinum Investment Council (WPIC) is forecasting for 2022 is a reduced but still large platinum surplus of 627 000 oz. But this surplus is extremely vulnerable to the issues the WPIC thinks may play out, particularly: slightly higher vehicle loading; certainly more substitution of platinum for palladium; concerns about supply from Russia, and those Russian supply concerns probably leading to more substitution of platinum for palladium. Equally, global risk and supply from Russia may prompt people along the supply chains and their counterparties to increase their buffer stock levels. A little bit of ... (full story)