Platinum Is Finally Getting Attention
Platinum has been overlooked for years, trading quietly while gold and silver grabbed headlines. Now, in late 2025, its price is surging, hitting $1,922.20 per ounce on December 17, up $111.89 from the day before and more than $983 higher over the past year. Since the start of 2025, platinum has climbed over 77 percent, with big jumps starting in June.https://fortune.com/article/current-price-of-platinum-12-17-2025/
The main reason is a huge supply shortage. Experts forecast a platinum market deficit of 692 thousand ounces in 2025, equal to 9 percent of yearly demand. Total supply will drop 2 percent to 7,129 thousand ounces, with mine production down 5 percent because miners cannot keep drawing from stockpiles like they did in 2024. Recycling will rise 7 percent thanks to higher prices, but it is not enough to fill the gap.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdfhttps://www.prnewswire.com/news-releases/platinum-market-to-end-2025-with-692-koz-deficit-potential-easing-of-tariff-fears-leads-to-a-more-balanced-platinum-market-in-2026-302619223.html
Demand is also shifting. While overall use will fall 5 percent to 7,821 thousand ounces in 2025 due to weak industrial needs, down 22 percent, investors are piling in. After gold’s huge rise, people see platinum as a cheaper alternative and a shield against inflation. South Africa’s mines, which supply most of the world’s platinum, face production cuts, making scarcity worse as buyer interest grows.https://fortune.com/article/current-price-of-platinum-12-17-2025/https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf
China is fueling the fire too. New platinum futures contracts on the Guangzhou Futures Exchange, launched in late November, have driven prices up 19.7 percent in just 15 trading days. Trading volume hit records, as China pushes to secure supplies for green tech like fuel cells. This views platinum as a key mineral, similar to how the US treats it.https://www.bullionvault.com/gold-news/gold-price-news/platinum-gfex-palladium-121720251
In the third quarter of 2025, supply stayed flat while demand jumped 28 percent, creating a 179 thousand ounce deficit. This matches the full-year outlook of three straight big shortfalls. Higher prices are starting to encourage more recycling and some mine restarts, pointing to a near-balanced market in 2026 with just a 20 thousand ounce surplus.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf
Platinum’s run echoes its 2008 spike above $2,100 per ounce, driven by similar supply squeezes and investor buzz, though that ended in a crash. Today, tight lease rates for borrowing platinum signal ongoing scarcity, with stockpiling in China and the US adding pressure.https://fortune.com/article/current-price-of-platinum-12-17-2025/https://www.bullionvault.com/gold-news/gold-price-news/platinum-gfex-palladium-121720251
Sources
https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf
https://fortune.com/article/current-price-of-platinum-12-17-2025/
https://www.prnewswire.com/news-releases/platinum-market-to-end-2025-with-692-koz-deficit-potential-easing-of-tariff-fears-leads-to-a-more-balanced-platinum-market-in-2026-302619223.html
https://www.bullionvault.com/gold-news/gold-price-news/platinum-gfex-palladium-121720251