Yes. Many market analysts in 2025–2026 still considered platinum to be **undervalued relative to its fundamentals and compared with other precious metals**, though views vary and depend on assumptions about supply, demand and investor flows[5][4].
Why some analysts call platinum undervalued
– Ongoing supply constraints. Several forecasts and market reports in 2025 identify persistent mining and above‑ground supply pressures that supported higher fair‑value estimates for platinum[2][8]. These reports note a material deficit in 2025 that is expected to narrow toward a balanced market in 2026, which can support higher prices if deficits persist or if above‑ground inventories stay low[2][8].
– Industrial and jewelry demand upside. Analysts point to recovering industrial demand and growth in jewelry demand (notably in some Asian markets) as a structural support that could push prices higher versus long‑run averages[5][4].
– Relative valuation versus gold and palladium. Several forecasters argue the gold‑to‑platinum and palladium‑to‑platinum ratios indicate room for platinum to rerate if investor interest broadens beyond gold into alternative precious metals[4][5].
Why some forecasts are more cautious
– Near‑term market balance expectations. Research from institutions tracking physical supply and demand indicated the market could move toward balance (or a small surplus) in 2026 if recycling and mining supply rise and ETF or investment flows moderate, which would reduce upward price pressure compared with a deeper deficit scenario[2][3].
– Wide range of price forecasts. Public predictions for 2026 span a large range—from modest mid‑fourteen‑hundreds to well above $2,000 per ounce—reflecting uncertainty about macro drivers (dollar direction, interest rates), trade tensions, and investor positioning[1][4][5][6].
– Potential demand shifts from automotive electrification. Battery electric vehicle adoption can reduce some autocatalyst demand for platinum over time, even if short and medium‑term industrial uses or jewelry demand offset that loss in certain scenarios[5].
Which views look most authoritative
– Supply‑demand studies from industry specialists and platinum research groups carry particular weight because they model mine output, recycling and industrial uptake directly; these sources concluded that a 2025 deficit was significant and that 2026 could be broadly balanced depending on recycling and investor behavior[2][8].
– Independent price‑forecast pieces and trading analyses show technical and macro reasons for higher targets but are more sensitive to market sentiment and often produce higher variance in targets[4][1].
Practical implications for investors and users
– If you believe structural supply tightness and renewed industrial/jewelry demand will persist, platinum may still be undervalued and offer upside versus current prices implied in many conservative models[4][5].
– If you expect recycling and mining recovery plus a pullback in investment flows to restore balance or create modest surplus in 2026, the upside may be limited and near‑term valuation gaps could close without large price moves[2][3].
– The wide forecast range argues for position sizing, timeframe clarity, and monitoring of key indicators: mining production and recycling trends, ETF flows and above‑ground stocks, autocatalyst demand trends, and macro variables like the US dollar and interest‑rate expectations[6][1].
Sources
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
https://investingnews.com/wpic-platinum-market-forecast/
https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://tradingeconomics.com/commodity/platinum