Platinum is quietly making waves in the metals market, and many are asking if it’s the next big rally to watch. After years of being overshadowed by gold and silver, platinum is showing signs that it could soon take center stage.
One of the biggest reasons for this excitement is supply. For three years running, platinum has faced a shortage in production compared to demand. This year alone, experts expect nearly a million ounces less platinum than what buyers want. Mining output has dropped, especially in South Africa—the world’s largest producer—and recycling rates have also fallen. As a result, the total amount of platinum available above ground is shrinking fast; stocks are down about 25%, leaving less than four months’ worth of global demand sitting idle.
On the other side of the equation is growing demand—especially from China. Chinese investors have been snapping up platinum bars, coins, and jewelry at record levels recently as they look for alternatives to gold while its price remains high. In April 2025 alone, imports jumped nearly 50% compared to March. Beyond investment interest, industrial uses like hybrid vehicle manufacturing continue to push demand higher.
Price-wise, after starting 2024 just over $1,000 an ounce and dipping slightly early on this year, platinum has surged more than 20% so far in 2025 with prices climbing above $1,090 per ounce—a two-year high. Forecasts suggest this upward trend will continue through next year with some predicting prices could reach $1,140 or even higher by mid-2026.
All these factors—tightening supply due to mining challenges and falling stockpiles combined with rising Chinese buying and industrial needs—create a strong setup for platinum’s price rally ahead. While gold often steals headlines as a safe haven metal during uncertain times, right now it looks like platinum might be gearing up for its moment under the spotlight as investors seek new opportunities in precious metals markets that go beyond traditional favorites.
So if you’re watching metals closely or thinking about diversifying your portfolio beyond gold and silver — keep an eye on platinum because it just might be gearing up for something big soon.