Platinum: Under The Radar Again
An Update On Where Things Stand With My Favorite Precious Metal
Summary
Platinum has had a monster 2025 and is up roughly 70% YTD, and I think we are still in the second or third inning of a secular bull market for the metal.
Platinum has a couple parallels to where uranium was in 2021 before it had its monster run. I think the narrative is changing on PGMs, and there are some similarities between the two as far as inventories and supply and demand.
There are several reasons that we will continue to see supply deficits for platinum and the above ground inventory will continue to shrink.
There are several ways for investors to get exposure, from buying the physical metal, owning a platinum ETF, or buying PGM miners.
I have talking recently about expecting a pullback in the precious metals space, and we finally got a bit of a pause across the metals. Platinum was no exception with a ~10% pullback from recent highs. Platinum was flying from May to July, and then it went to sleep for a couple months. It picked up again near the end of September, and I think we might be in the middle of a pause over the next couple months. I bought some of the physical metal in May of this year, but I think the setup is still very attractive here.
I’m partial to owning the physical metal, but there are different ways for investors to get exposure to platinum depending on your time horizon and risk appetite. There are some similarities between the setup today for platinum and where uranium was in 2021 before it really started to move, but I think we are still in the early stages of a secular bull market for platinum that flies under the radar for many investors.
