The World Platinum Investment Council expects platinum’s supply deficits to begin having a more noticeable affect on the price of a metal that has dropped from a high of more than $2,200 an ounce in 2008 to the current price of $1,060 an ounce.
“Looking ahead, with a series of deep market deficits expected … the model suggests that the supply/demand fundamentals are likely to return to being the key drivers of establishing platinum market value,” the report states. “The attractive outlook for the underlying fundamentals is likely to influence sentiment, which in combination with an easing rate cycle and high gold price (market-economic) will provide additional support to the outlook.”
Rising deficits moving forward
WPIC’s pricing model uses multiple factors to explain historical platinum price results. The factors are divided into fundamental, market-economic, and sentiment drivers.
According to WPIC, the model accurately explains how changes to independent variables within fundamental, market-economic and sentiment categories have an aggregated impact on the annual platinum price.
Following the pandemic, platinum moved into a surplus due to a reduction in its industrial use, however, that demand has since recovered to create deficits that the WPIC is expecting to continue through at least 2028.
Platinum prices are increasing since hitting a 2024 low of $870 an ounce. The all-time low occurred during the pandemic at just under $600 an ounce.
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