Platinum has broken out of its post-pandemic trading range to be one of the year’s top-performing commodities. Its price rose dramatically from May, and in October it reached a 14-year high of $1,736 per ounce (and has since gone higher). Despite the rally, platinum’s price remains historically undervalued and significantly below the price of gold (Figure 1) and recent price action suggests a period of healthy consolidation underpinned by strong fundamentals. {chart} Sustained market deficits may have laid the groundwork for platinum’s price appreciation this year, but geopolitics and macroeconomics provided a ... (full story)