Ad 2025 brought something that only the oldest investors remember. This something is the awakening of platinum, which after a decade of stagnation gave to earn the most since 2009. The stakes were behind the stakes, which was an investment star of the previous several years.
This is – at least so far – a year of precious metals. The first “fired” gold, whose quotations in dollar terms have been up to 40%from the beginning of the year. In two years, the “barbaric relic” almost doubled his dollar price and in April set a new record of all time in real terms (i.e. the peak of January 1980 corrected by the official CPI indicator for the United States). After the summer “flat correction” at the beginning of September, the gold rate reached almost USD 3,700/OZ.
Silver has started, for which this year's dollar return rate reaches 46%. White metal in dollar terms has been recorded for at most for 14 years and boldly heads towards the mythical 50 USD/OZ. – that is, the level at which two speculative bubbles stopped (from 1980 and 2011). However, from the investor's point of view from Poland, silver after over PLN 150 per ounce is nominally the most expensive in history.
Platinums remain in the shade
The glow of gold and silver beating the events that took place on the platinum market this year. From the beginning of January, the queen of precious metals has increased by nearly 55%. Of which practically all this increase took place in May, June and July, when the Platinum course jumped from less than a thousand to over 1,500 USD/OZ. Then came a sharp correction, which lifted the price of platinum near $ 1300/oz.
And even if nothing would change by the end of the year, it would be the highest annual rate of return on this metal from … 2009. This result (+55.6%) remains threatened and it is possible that, as in the case of Golden 2025, it will bring the highest dollar rate of return from 46 years. It is not about juggling with numbers and percentage, but about the likely change in many years of trends.
Over the previous several years, platinum was the worst of the precious metal. In the spring of 2011, the ounce of this rare metal was valued at over USD 1800. So definitely higher than an ounce of gold. Later, however, an epoch -making Bess took place on the platinum market. In 2015, the platinum course fell below a thousand dollars. Five years later, as part of Covid panic, it was less than 740 USD/OZ.
The catalyst (nomen omen) of that platinum Bessa was the so -called Dieselgate. The EU campaign for “abscesses” started after the “VW scandal” contributes to a decrease in the sale of diesel in favor of gasoline cars. As a result, the demand for palladium increased, and it decreased to platinum, thus for the first time in 16 years Pallad became more expensive than platinum, although usually the second metal was much more expensive.
The situation of platinum was not even changed by the Covid bull market on the gold and silver market. The “Queen” was still available for about a thousand dollars per ounce. Something began to change only last year, when platinum became more expensive again than Pallad. However, we had to wait another 12 months so that this rare metal was “discovered” again by investors.
Some nutrition was also noticed on the palladium market. The latter was an investment star in 2015-21. This year, the palladium course is on a 35 % plus and has a good chance to record the first year in 5 years with a positive rate of return. From the summit from March '22 (over USD 3,400/oz.) To last year's hole (USD 815/oz.) Pallad has been overestimated by as much as 76%! This is how the phenomenal run of 2015-21 ended, when Pallia's ratings increased six times.
Is platinum still cheap?
Looking at nominal prices, platinum at 1300 USD/oz. It does not seem excessively expensive, even though it was the most expensive in July for years. After all, at the top of the year, this metal cost over 2,300 USD/OZ. And yet during this time the purchasing power of the dollar measured even the official CPI indicator fell by 34%. Thus, the then record of platinum quotations in today's money would be worth nearly 3,500 USD/OZ.
Even more unambiguous conclusions arise when we look at platinum prices for gold. For decades, this rare metal in nature was valued higher than gold. In gusts even twice as much. Currently, you can buy 0.38 ounces of platinum for an ounce of gold. It is 36% more than in April, but still extremely low as for historical standards. Let us add that in April 2025 Platinum/Gold parity was the lowest in all modern history. You may even be tempted to have the opinion that platinum was and is still unreliable cheaply in relation to gold.
Which does not mean that in the future it cannot be even cheaper. Over the previous several years, platinum supporters argued that it was an excellent investment opportunity. Because it has never been so cheap in relation to gold before. Then after a few months it was even cheaper. And then even cheaper. And so until this year's April. Is this a signal of reversing a long -term trend?
Platinum fundamentally
Platinum largely remains a slave to one industry. In 2024, the automotive industry was responsible for nearly 40% of the overall consumption of this metal – according to the World Platinum Investment Council. Recently, about 3 million ounces of platinum were used for the production of car catalysts (i.e. for cars with a diesel engine). At the same time, the demand for platinum reported by other industries and the jewelry industry increased.
It all happens with the falling extraction of this metal, which in addition is dominated by South African mines, providing almost three -quarters of global spoil. As a result, 2025 will most likely be the third year in a row, in which the world will record the deficit of this metal. Experts from WPiC estimate this year's deficit at 850 thousand. ounces against 968 thousand oz. A year earlier and 712 thousand oz. in 2023.
– Large commercial vehicles will probably require more platinum than a palladium, and this type of vehicle will be electrified more slowly. In the long run, the hydrogen economy will also absorb some platinum – believes Nitesh Shah, a strategist of raw materials in Wisdomtree.
However, the very fact of the global deficit does not have to translate into higher prices of this metal. After all, in the years 2014-16 deficiencies were also noted, and platinum's quotations fell. The demand reported by investors is still marginal. For this year, WPiC forecas that investment demand for platinum will amount to 718 thousand. ounces to 702 thousand a year ago.
To sum up, the increase in platinum is observed this year is spectacular and the point of view of chart analysis changes the “technical” situation. The revival of both industrial and investment demand is accompanied by a decrease in extraction and, consequently, a global shortage should be expected. In addition, platinum is still very cheap in relation to gold. However, everything does not mean that it will continue to be more expensive. We have already dealt with a similar situation in recent years and, yet, investing in platinum recorded losses.
