Platinum prices have been on an interesting journey lately, sparking questions about whether the $1,900 mark could be the next milestone. Let’s break down what’s happening and why this price level might be within reach.
First off, platinum has been experiencing a notable supply shortage. For three years in a row, there has been more demand than supply. This year alone, experts expect a deficit of nearly 850,000 ounces. Mining production is shrinking—especially in South Africa—and recycling rates are dropping too. This means less platinum is available overall while demand keeps growing.
On the demand side, China is playing a big role. Chinese investors have recently ramped up their buying of platinum bars, coins, and jewelry by almost half compared to previous months. Many see platinum as an attractive alternative to gold since gold prices are quite high right now. Plus, industries like hybrid vehicle manufacturing continue to need platinum for catalytic converters and hydrogen fuel cells.
Looking at price trends: Platinum started 2024 around $1,000 per ounce but dipped slightly during the year before climbing back above that level in early 2025 with gains over 20% so far this year. Forecasts suggest it will keep rising steadily through 2025 and beyond—reaching around $1,140 by the end of this year and possibly hitting $1,500 or more within a couple of years.
Some longer-term outlooks are even more optimistic: they predict that by the early 2030s platinum could soar past $3,000 or even approach $4,000 per ounce due to ongoing supply constraints combined with increasing industrial use and investment interest.
So where does that leave us regarding the question of whether $1,900 is next? Given current momentum fueled by tight supplies and strong demand from both industry and investors—especially in China—it seems plausible that prices could push toward or beyond that level over time as deficits persist.
In short: Platinum’s future looks bright because fewer ounces are coming out of mines while more people want them for cars or investment purposes. If these trends hold steady or intensify further (like greater adoption of green technologies needing platinum), then reaching $1,900 isn’t just wishful thinking—it could well be on the horizon before too long.