Platinum’s long underperformance versus gold reversed in 2025, when it rose more than 80% by December, its best annual gain since exchange trading began 38 years ago. The gold-to-platinum ratio stretched to almost 3.6 in April 2025 before settling near 2.5 by mid-year; with gold at $4,126 and platinum at $1,646, it remains around that level. WPIC’s first estimate put 2025 investment demand at 1.16 million ounces, up 65%, while its deficit forecast was lifted to 1.44 million ounces. Across the complex, silver gained about 150%, gold a little over 70%, and platinum’s rally peaked alongside them: platinum near $2,920 on January 26, silver around $121 on January 29, and gold close to $5,600 the same week before a 13% one-day drop after Kevin Warsh’s Fed chair nomination on January 30.
Shift to Outflows and Market Correction
The reversal later broadened into outflows. ETF holdings fell 534,000 ounces in H1 2026, around one-seventh of end-2025 levels, with five consecutive months of net redemptions through June, while bar and coin demand dropped 71% year on year in Q2. Platinum is down 44% from its high, between gold’s 26% and silver’s 53%; stripping first-half ETF and exchange-stock outflows from WPIC’s tally turns a 548,000-ounce surplus into a deficit of roughly 51,000 ounces. WPIC still sees year-end stocks at 3.4 months of demand, forecasts industrial demand up 5% and automotive demand down 4%, and projects a H2 deficit of 283,000 ounces as ETF buying returns; July already showed net ETF growth. Its November 18 report will update the 2026 balance and issue a first 2027 forecast.
