Although the platinum price in mid-2026 is lower than at the start of 2026, it is expected to remain fairly high historically. The positive outlook is supported by ongoing market deficits, with demand having exceeded platinum production for several years.

The most important factors are automotive demand (for catalysts), the growth of the hydrogen economy (fuel cells) and the supply situation in South Africa (responsible for 70% of production). The dollar value and the replacement of more expensive palladium with platinum also play a major role.

Analysts are generally optimistic because of the structural deficits. The World Platinum Investment Council (WPIC) points out that aboveground stocks are dwindling. One risk, however, is a faster switch to fully electric cars (without catalytic converters), which could put pressure on traditional demand in the long term.

By 2030, platinum is expected to play a crucial role in the energy transition. The demand for platinum for PEM (green hydrogen) electrolysers may have grown significantly by then. As a result, analysts foresee a stable to rising price level, provided that industrial applications compensate for the decline in diesel engines.

Platinum is often seen as a diversification alongside gold. Because the market is much smaller than that of gold, prices can rise faster when tight, but also fall faster. Investors often look at the “Gold-Platinum ratio” to determine whether platinum is historically cheap compared to gold.