With inflation fears mounting across global markets, precious metals are once again commanding investor attention—but this time, platinum is leading the charge. Prices for the metal have surged ~75% from below $900 in April to ~$1,600 today, outpacing both gold and silver as supply constraints, robust industrial demand, and shrinking inventories converge to fuel the rally. According to Bill Baruch, founder and president of Blue Line Futures, the white metal’s rally is “just getting started.”
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The effect on stocks has been understandably profound, with three platinum stocks now dominating investor (and speculator) attention: Valterra Platinum (AGPPF), Sibanye Stillwater (SBSW), and Platinum Group Metals (PLG).
The trio has seen their fundamental and technical outlooks shift considerably, with moving averages moving up across the board throughout 2025.
As a result, the platinum trifecta is currently green across the board. SBSW, in particular, has risen by more than 220% since January.
Long overshadowed by gold’s dominance, platinum’s breakout suggests it is carving out a more prominent role among both safe-haven and industrial assets. And it’s not rising in isolation—gold and silver are climbing in tandem. All in all, the trio is having its best year since 1979, with the prices of all three currently pushing into all-time highs.
However, there may be a fly in the ointment. Early in the European trading session on Tuesday, platinum futures slid 5% in a matter of minutes from ~$1,600 per ounce to $1,525 (alongside a decline from $3,868 to $3,800 for gold and a decline from $47.12 to $46 for silver) — stoking fears that the precious market is currently illiquid and being driven by speculators.
From another perspective, a strong pullback could serve as a healthy consolidation, shaking out weak longs before a renewed uptrend; or so the theory goes.
What’s Driving the Platinum Price Surge?
Platinum started the year trading between $900 and $1,100 per ounce, but by mid-year it had broken decisively higher—crossing $1,400/oz in multiple sessions and reaching multi-year highs. In June alone, the metal gained nearly 30%, marking one of its strongest monthly rallies in decades.
Analysts attribute the tightening supply picture to being the key driver. The World Platinum Investment Council recently forecast a 6% decline in mine output, projecting a market deficit of roughly 850,000 ounces. Recycling and secondary supply have also lagged, while inventories are being steadily drawn down—potentially falling to critically low levels near 2.5 million ounces.
On the demand side, platinum continues to benefit from a rebound in the automotive sector, particularly in emission-control catalysts, alongside early momentum from clean energy applications such as hydrogen fuel cells. In addition, as gold prices soar, some investors and jewelers appear to be experiencing “gold fatigue,” which is summarily cured by rotating into platinum for its diversification benefits and relative value appeal.
Valterra Platinum (OTC:AGPPF)
South-African miner Valterra is considered the world’s leading platinum producer, accounting for approximately 38% of global platinum output. The company was spun off from the larger platinum group metals (PGMs) conglomerate Anglo American Platinum (ANGPY) earlier this year.
However, its PGM operations have not been without challenges. Analysts note that unusually heavy rains and flooding in 2025 disrupted mining activity, resulting in a year-on-year production decline of approximately 17% in the first quarter. With capital discipline and cost management now more critical than ever, Valterra faces the challenge of sustaining output while navigating ongoing operational volatility.
Sibanye Stillwater (NYSE:SBSW)
Also from South Africa, Sibanye Stillwater has amassed a diversified portfolio including platinum, palladium, gold, and recycling operations. The group wields significant PGM assets domestically, in Zimbabwe, and in the U.S. Its PGM portfolio covers not just platinum and palladium, but also rhodium, iridium, ruthenium, and other by-products such as chrome, nickel, and copper.
Despite a 4% decline in production, the South African PGM operations remain within guidance, with a positive outlook due to frothy prices. According to the miner, it produced 1.73 million ounces of PGMs just from its SA operations alone in 2024 and plans to increase production up to 1.85 million ounces this year.
The miner has acquired significant PGM assets over time, and with its operations becoming increasingly economically viable as prices rise, SBSW could be considered “well-positioned.” However, challenges remain in the form of margin pressure, declining ore grades, and the need to optimize its asset base.
Platinum Group Metals (NYSE:PLG)
Canadian miner Platinum Group Metals is entirely focused on advancing its Waterberg Project in South Africa. Planned as a fully mechanized, shallow, decline-access mine, Waterberg is expected to be one of the largest and lowest-cost underground PGM operations globally, producing platinum and other precious metals. PLG’s near-term goal is to secure construction financing and offtake agreements to move the project toward development.
The company is also pursuing innovation through Lion Battery Technologies, a partnership with Valterra and Florida International University. This initiative examines the application of platinum and palladium in next-gen lithium batteries, potentially creating new markets for PGMs beyond traditional applications in the automotive sector and jewelry.
To fund its strategy, PLG has tapped both private placements and equity programs, including a 2025 at-the-market offering, raising over $12 million.
Platinum Steps Out of Gold’s Shadow
Platinum has long lived in the shadow of gold. While gold is entrenched as the ultimate safe haven and inflation hedge, platinum’s identity has been tied to its role as an industrial metal—leaving it vulnerable to cyclical swings. Periods of weak GDP or slowing industrial output have often triggered sharp drops in demand and price. But 2025 is telling a different story.
Supply disruptions, depleted inventories, and investor rotation away from gold have propelled platinum into the spotlight—lifting not only the metal itself but also shares of key platinum producers. If momentum holds, platinum’s reputation may begin to evolve from being merely gold’s industrial cousin into a more established investment asset in its own right, meriting a place in diversified portfolios.
Risks still loom: a macroeconomic slowdown, a recovery in mine supply, or a sudden turn in sentiment could undo recent gains. Yet a 75% rally in under a year is impossible to ignore. For the first time in decades, platinum is clawing back some of the attention and respect traditionally reserved for gold.