Platinum could see strong gains by 2026, driven by ongoing supply shortages, rising demand in key areas like jewelry, and forecasts pointing to prices as high as $2,340 per ounce. Investors eyeing a bull case have good reasons to pay attention, as market deficits persist and production struggles to catch up.
Right now, the platinum market faces big deficits. For 2025, experts predict a shortfall of about 692,000 ounces, with supply hitting a five-year low at 7.129 million ounces due to lower mining output of 5.51 million ounces. Demand stays firm at 7.821 million ounces, even after cuts in areas like glass manufacturing.https://www.youtube.com/watch?v=dUhdNi5Pb0k This marks the third straight year of deficits, fueled by trade tensions that boosted investment demand and drained stocks.https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
Looking to 2026, the bull case builds on tighter supply and demand dynamics. Supply might rise 4% to 7.404 million ounces, thanks to more recycling and a 2% bump in mining to 5.622 million ounces. But demand could dip just 6% to 7.385 million ounces, mainly from less investment as trade worries ease and ETF holders take profits. That points to a near-balanced market with a tiny 20,000-ounce surplus, keeping pressure on prices without rebuilding stockpiles.https://www.youtube.com/watch?v=OyWhTZoofWshttps://investingnews.com/wpic-platinum-market-forecast/
Price forecasts back the optimism. LongForecast sees platinum starting 2026 at $1,770, hitting $2,080 mid-year, and closing at $2,340, with a range of $1,556 to $2,457.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/ Most analysts agree on growth to around $1,770 by late 2025, setting up 2026 for more upside. Heraeus predicts a range of $1,300 to $1,800, noting deficits will narrow but stay, with recycling up in Europe and jewelry demand rising in China as platinum stays cheap versus gold.https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
Demand drivers add fuel. While electric vehicles cut auto use, jewelry steps in, especially in China. Trade tension relief could stabilize investment without flooding supply. Mining faces limits, with South African output down, keeping deficits alive. WPIC’s Edward Sterck calls the market in deep deficit, hinting at a price breakout higher as ranges narrow.https://investingnews.com/wpic-platinum-market-forecast/
Risks exist, like softer demand if EV shifts speed up or recycling surges more than expected. Still, the setup favors bulls, with deficits, low stocks, and bullish forecasts creating momentum into 2026.
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