Gold and silver may have stolen headlines this year — with gold up 38% and silver rallying 43% — but platinum has quietly emerged as 2025’s strongest performer. Prices have surged nearly 57% year-to-date, including a 28% leap in June, their biggest monthly rise in decades.

The World Platinum Investment Council (WPIC) believes the rally may still have further to run. The global platinum market is forecast to register a deficit of 850 koz in 2025, following a 968 koz shortfall last year. Three consecutive years of deficits have already cut above-ground stocks by 46% since end-2022, leaving inventories at their lowest in more than a decade

On the supply side, mine output is expected to drop 6% this year, with South Africa on track for its weakest production in a quarter century outside of strike or shutdown years. Recycling is rising but remains well below pre-pandemic levels. WPIC underlines that platinum supply is structurally price inelastic: even at higher prices, new mines take close to a decade to reach full production.

Demand has proven equally sticky. Automotive use is holding firm despite tariffs and electrification pressures, while jewellery demand is forecast to rise 11% this year as buyers in China and India pivot from gold to cheaper platinum. Investment demand is set to edge up 2%, led by strong bar and coin buying in China and steady ETF interest. WPIC also stresses that platinum’s deep discount to gold continues to bolster both jewellery and investment flows.