Why is platinum cheaper than gold?

Platinum traded at a premium to gold for most of the 20th century. The inversion began around 2011 as diesel vehicle sales declined in Europe (diesel autocatalysts use platinum) and investors shifted ETF holdings to gold. The current sub-$1 Pt/Au ratio is near historic lows, making platinum historically cheap relative to gold.

What is the hydrogen fuel cell demand for platinum?

PEM (proton exchange membrane) electrolyzers use platinum as the catalyst for splitting water into hydrogen and oxygen. Each MW of PEM capacity uses roughly 0.3-0.5g of platinum. The green hydrogen buildout (tens of GW globally by 2030) represents a structurally new demand driver that did not exist a decade ago.

What happened to Anglo American Platinum?

Anglo American Platinum demerged from Anglo American on May 31, 2025, and now trades as Valterra Platinum (JSE:VAL, LSE:VALT). Anglo American sold its remaining 19.9% stake via accelerated bookbuild on September 3, 2025, ending its ownership. Valterra is now an independent PGM company.

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Platinum price today: live

Snapshot · Daily feed

Platinum is priced via the LBMA AM/PM fix and NYMEX PL futures. South Africa produces roughly 70% of global supply. Platinum re-took its historical premium over palladium in 2024 on hydrogen fuel cell demand expectations and structural supply deficits forecast by WPIC.

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ETF and Trust Holdings

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Platinum mining stocks

Major producers

Source: Yahoo Finance + SEC EDGARFull screener →

#	Company	Commodity revenue	Price	24h %	YTD	1Y	Geography
01	NGLOY Valterra Platinum (VAL.JO / VALT.L) Demerged from Anglo American Platinum May 31, 2025. Trades JSE:VAL and LSE:VALT. Inherited Mogalakwena (worlds largest Pt mine), Amandelbult, Processing operations. Anglo sold its remaining 19.9% stake Sep 3, 2025.	~95%	—	—	—	—	South Africa
02	IMPUY Impala Platinum (IMP.JO) Rustenburg, Two Rivers, Marula, Impala Canada (Lac des Iles). Post-Royal Bafokeng acquisition (2023). ~1.4M PGM oz annual. JSE-listed; primary listing in South Africa.	~88%	—	—	—	—	South Africa · Canada · Zimbabwe
03	SBSW Sibanye-Stillwater Stillwater (Montana, US) is the only primary palladium/platinum mine in the Western Hemisphere. Marikana, Kroondal (SA). Stillwater right-sized in 2024-2025 amid PGM price declines.	~45%	—	—	—	—	South Africa · USA (Montana)
04	SBSW Northam Platinum (NHM.JO) Booysendal (low-cost open cast) + Zondereinde (underground). Dividend-paying. Sold Royal Bafokeng stake to Implats 2023. Pure-play SA PGM.	~95%	—	—	—	—	South Africa
05	SBSW Platinum Group Metals (PLG) Waterberg Project (SA, 50.2%). JV with JOGMEC, Hanwa. Feasibility-stage large palladium-platinum deposit. Unique for being North American-listed pure-play PGM developer.	~0%	—	—	—	—	South Africa (pre-revenue)
06	VALE Vale S.A. Sudbury and Voisey Bay cobalt-nickel-PGM operations in Canada. PGM is a small by-product of nickel-cobalt mining; approximately 1-2% of revenue.	~2%	—	—	—	—	Canada · Brazil

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Precious MetalsCurated top 5

Platinum producer stocks

All commodity stocks

#	Company	Ticker	Price	24h %	Exchange	Note
01	Anglo American Platinum OTC: ANGPY / JSE: AMS	ANGPY	--	--	OTC	World's largest Pt — OTC ADR
02	Impala Platinum OTC: IMPUY / JSE: IMP	IMPUY	--	--	OTC	SA PGM major — OTC ADR
03	Sibanye-Stillwater NYSE: SBSW / JSE: SSW	SBSW	--	--	NYSE	SA + US PGM
04	Glencore plc OTC: GLNCY / LSE: GLEN	GLNCY	--	--	OTC	PGM + diversified — OTC ADR
05	Anglo American plc OTC: NGLOY / LSE: AAL	NGLOY	--	--	OTC	Owns Anglo American Platinum — OTC ADR

Ranked by commodity exposure (30%+ rule). Source: CommoditiesTracker hub database, June 2026. · Full producer database →

Platinum ETFs

Top funds by AUM

Source: Yahoo Finance + ETF issuer pagesAll platinum ETFs →

Ticker	Fund	Structure	Expense ratio	AUM	YTD	1Y
PPLT	abrdn Physical Platinum Shares abrdn	Physical	0.60%	—	—	—
SPPP	Sprott Physical Platinum & Palladium Sprott	Physical	0.65%	—	—	—
PLTM	GraniteShares Platinum Trust GraniteShares	Physical	0.50%	—	—	—
PGM	iPath Bloomberg Platinum Barclays	Futures	0.61%	—	—	—

How platinum prices move

What’s moving this market

Structural fundamentals · Reviewed annually

Supply

South Africa produces 70% of global platinum

Annual mine supply is roughly 180 tonnes, with South Africa (Valterra Platinum, Impala, Northam, Sibanye) dominant. Russia is the second-largest producer. Mine supply is constrained by South African power challenges (Eskom) and rising costs. Recycling (auto catalyst scrap) adds roughly 70 tonnes annually.

WPIC Platinum Quarterly

Demand

Auto catalysts + hydrogen fuel cells + jewelry

Auto catalysts (diesel, heavy-duty diesel) use ~40% of platinum demand. Jewelry (especially China and India) accounts for ~25%. Industrial applications (chemical, glass, petroleum refining) account for ~25%. Hydrogen: platinum is the catalyst in PEM (proton exchange membrane) electrolyzers for green hydrogen production, making it the metal most directly linked to the hydrogen economy buildout.

WPIC Platinum Quarterly

Policy and macro

WPIC forecasts structural multi-year deficit

The World Platinum Investment Council forecasts a multi-year supply deficit, with 2024 deficit ~680k oz (9% of demand). Pt/Au and Pt/Pd ratios are historically cheap. The hydrogen demand thesis (PEM electrolyzers) is the long-term structural bull case. Auto-catalyst substitution of Pt-for-Pd in gasoline engines is reducing palladium demand while increasing platinum demand.

WPIC Platinum Quarterly · LBMA

Key market data

Platinum fundamentals

Supply Deficit (Current Year)

~680k oz

WPIC forecasts persistent multi-year structural supply deficit. 2024 deficit: ~680k oz (9% of annual demand). South African production underperformance and growing hydrogen demand drive the gap.

World Platinum Investment Council Platinum Quarterly

Auto Catalyst Demand

~40%

Auto catalysts are the largest single demand segment. Platinum dominates in diesel and heavy-duty engines. Pt-for-Pd substitution in gasoline catalysts is ongoing (~15-20% complete by 2025), gradually increasing platinum auto demand.

WPIC · LBMA · Annual

Platinum ETF Holdings

See WPIC

Physical ETF holdings tracked monthly by WPIC. Major vehicles: PPLT (abrdn), SPPP (Sprott Physical Pt+Pd), PHPD.L (WisdomTree Europe). Combined ~1.5-2M oz.

WPIC · Individual ETF issuers

Pt/Au Ratio

~0.32

Platinum-to-gold ratio: historically this averaged 0.8-1.5x (platinum at a premium). The current ~0.32 reading is near historic lows, making platinum historically cheap relative to gold.

LBMA · NYMEX · Daily

Pt/Pd Ratio

~1.36

Platinum overtook palladium in price in 2024-2025 as palladium fell on EV transition concerns. Ratio flipped above 1 for the first time since 2017. Historically, platinum traded at a significant premium to palladium.

LBMA · NYMEX · Daily

South Africa Supply Share

~70%

South Africa produces ~70% of global platinum supply. Eskom power challenges and rising labor costs are structural supply constraints. The Valterra Platinum demerger (May 31, 2025) reorganized the sector.

WPIC · USGS

2026 price forecasts

Platinum price targets from 20 analysts

Aggregated 2026 price forecasts from major banks, research houses, and industry bodies. Range, median, and revision history — every forecast linked to its source.

Consensus range

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How to invest in platinum

Ways to gain platinum exposure

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ETFs

Platinum ETFs

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Equities

Platinum stocks

Mining and producer stocks offer 1.5-3x leverage to the underlying commodity but carry operational risk.

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Futures

Platinum futures

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Frequently asked questions

Common questions, answered

The current platinum price is shown at the top of this page from the LBMA AM/PM fixing and NYMEX PL futures. One troy ounce equals 31.10 grams.

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Major producers

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What’s moving this market

South Africa produces 70% of global platinum

Auto catalysts + hydrogen fuel cells + jewelry

WPIC forecasts structural multi-year deficit

Platinum fundamentals

Platinum price targets from 20 analysts

Ways to gain platinum exposure

Platinum ETFs

Platinum stocks

Platinum futures

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Common questions, answered

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