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World Platinum Investment Council – WPIC®

How could the outcome of the US Section 232 investigation impact the platinum market?

Edward Sterck, Director of Research, and Wade Napier, Research Analyst, discuss how the possible outcomes from the US Section 232 Investigation into Critical Minerals could influence platinum market dynamics.

WPIC’s five-year outlook for the platinum market

Why invest in platinum?

Platinum’s attraction as an investment asset arises from the following:

  • WPIC’s research shows that the platinum market has been in sustained deficits every year since 2023
  • A substantial annual surplus would be required to rebuild above ground stocks to sustainable levels and alleviate ongoing market tightness
  • Higher prices are supportive of supply, but there is limited scope to increase mine output in the short term, although there is some upside potential for recycling supply
  • Diversity of end uses and a lack of lower-priced alternatives are supportive of platinum demand despite the price increase
  • The platinum price remains significantly below the price of gold with macropolitical uncertainty supporting the whole precious metals complex

Did you know?

Platinum was first used for coins in Russia in 1828.

Our platinum facts infographic highlights the unique properties of this rare metal, which underpin demand for platinum across a diverse range of industries and applications. Learn how platinum supply is scarce relative to other precious metals and why platinum works to improve our world, as well as being the best metal for fine jewellery. Discover more about platinum as an investment asset, including ways to invest in physical platinum.

More Platinum Facts

The World Platinum Investment Council provides insights to advance platinum investment.

Our next Platinum Quarterly report will be published on 18 May 2026. Please subscribe to receive it regularly.