Platinum
Price Chart
At a Glance
Platinum is a rare precious metal with significant industrial demand, particularly from the automotive sector for catalytic converters in diesel vehicles. South Africa accounts for ~70% of global mine supply, making it highly sensitive to labour disputes, power outages (Eskom), and regulatory changes in that region. Platinum trades at a deep discount to gold — historically unusual, as platinum traded at a premium for decades before the diesel emission scandal and rise of palladium.
Supply & Demand
Supply
Demand
Key Drivers
Diesel Vehicle Demand
bearish~38% of platinum goes to auto catalysts for diesel engines. Declining diesel market share in Europe is a headwind.
South Africa Supply Risk
bullishWith ~70% of supply from South Africa, power outages (loadshedding), strikes, and mine closures create significant supply risk.
Hydrogen Economy
bullishPlatinum is a key catalyst in hydrogen fuel cells (PEM). Green hydrogen investment could be a major long-term demand driver.
Gold Substitution
bullishAt a deep discount to gold, platinum may attract jewellery and investment substitution demand.
Palladium Substitution
bullishAutomakers are substituting platinum for more expensive palladium in gasoline catalytic converters.
Recession Risk
bearishAs a heavily industrial metal, platinum demand is sensitive to global manufacturing and auto production cycles.
Historical Returns
| Year | Annual Return | Performance |
|---|---|---|
| 2025 | +2.80% | |
| 2024 | -6.40% | |
| 2023 | -7.20% | |
| 2022 | +9.80% | |
| 2021 | -9.60% | |
| 2020 | +10.90% | |
| 2019 | +21.60% | |
| 2018 | -14.80% | |
| 2017 | +3.10% | |
| 2016 | +1.10% |