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World Platinum Investment Council – WPIC®

Platinum Quarterly Q1 2026

Our 47th Platinum Quarterly analyses Q1 2026 supply and demand and includes a revised full year forecast for 2026.

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Platinum crucibles. Picture credit: Johnson Matthey

Growing perfection

Platinum‑based equipment is critical for producing large, flawless crystals for electronics and optics applications

 

Read WPIC® 60 Seconds in Platinum

WPIC’s five-year outlook for the platinum market

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

Why invest in platinum?

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

  • Platinum supply has fallen short of demand every year since 2023 and this is expected to continue to be the case through 2030
  • A substantial annual surplus would be required to rebuild above ground stocks to sustainable levels and alleviate ongoing market tightness
  • Platinum supply is challenged, with limited scope to increase mine supply in the short-to-medium term. Higher prices are supportive of recycling supply growth, but so far this year the rate of growth has fallen short of expectations
  • Diversity of end uses and a lack of lower-priced alternatives are supportive of platinum demand despite downside risks from external events (Iran War) or structural trends (vehicle electrification)
  • The platinum price remains significantly below the price of gold

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 9 September 2026. Please subscribe to receive it regularly.