Platinum prices have been on a rollercoaster lately, and experts are split on whether they will climb higher or pull back. Right now, the market faces big shortages, or deficits, which often push prices up, but supply changes and trade issues could shift things fast. Many forecasts point to prices rising through 2026, though some see a more modest range.
One big reason prices might go up is the ongoing supply crunch. For 2025, the World Platinum Investment Council, or WPIC, expects a deficit of about 692,000 ounces. That’s the third year in a row with less platinum available than needed. Mining output is dropping to its lowest in five years at 5.51 million ounces, while demand stays strong at 7.82 million ounces, mostly from cars and industry. Check out details from https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18 and WPIC updates via https://investingnews.com/wpic-platinum-market-forecast/.
Looking ahead to 2026, WPIC predicts the market will balance out with supply hitting 7.4 million ounces from more recycling and slightly higher mining, while demand dips to 7.39 million ounces. This balance depends on trade tensions easing, like fewer tariffs that boosted investment demand this year. Without that, deficits could linger and support higher prices. A video breakdown from Mining Weekly explains this shift from a near 700,000 ounce deficit in 2025 to balance, see https://www.youtube.com/watch?v=dUhdNi5Pb0k and https://www.youtube.com/watch?v=OyWhTZoofWs.
Analysts like those at LongForecast are bullish. They see platinum hitting $1,770 by early 2026, $2,080 mid-year, and $2,340 by the end. For 2025, most predict around $1,714 to $1,770 by year-end. WalletInvestor offers a milder view with prices between $1,816 and $1,921 in coming years. Long-term, some even eye $3,853 if tech and jewelry demand grow. Read more predictions at https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/.
Not everyone agrees prices will soar. Heraeus Precious Metals forecasts a tighter 2026 deficit from more European recycling, with prices in a $1,300 to $1,800 range. They note car demand might slip as electric vehicles, or BEVs, rise since they use less platinum, but jewelry could pick up slack, especially in China where platinum stays cheap versus gold. Their full outlook is here: https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/.
Trade fights and investor moves add uncertainty. High ETF buying amid tariffs widened this year’s gap, but easing tensions might lead to selling and lower prices. WPIC’s Edward Sterck says the market is stuck in a tight range and due for a breakout, likely up given deficits, but it could go either way.
Sources
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.youtube.com/watch?v=dUhdNi5Pb0k
https://www.youtube.com/watch?v=OyWhTZoofWs
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
https://investingnews.com/wpic-platinum-market-forecast/
https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18