With the lease rate for platinum in London reportedly spiking over 40% for the 1-month tenor, we have evidence of a developing liquidity squeeze for the delivery of physical metal in the world’s largest platinum trading market. The global shortage of platinum bars for delivery has intensified to the point that those attempting to secure delivery of this strategic metal have started to raid Exchange Traded Funds (ETFs). Precious metals refiner Heraeus illustrates in their July 21, 2025 market update Precious Appraisal No. 26 just how tight global platinum supply has become. In Figure 1 below it can be seen that even ... (full story)