This edition of Platinum Quarterly analyzes how platinum supply and demand changed in the fourth quarter of 2024, presents final estimates for 2024, and provides an updated forecast for 2025. In addition, WPIC shares its views on important issues and trends for investors interested in platinum and provides information on how our product partnerships continue to benefit investors.
Metals Focus has independently compiled the data and commentary for WPIC. Market deficits are much larger than anticipated in the November edition of Platinum Quarterly, at 995,000 ounces in 2024 and 848,000 ounces in 2025. This is mainly due to lower recycled platinum supply and strong investment demand, two factors that will also influence the 2025 deficit. Platinum is expected to remain in deficit for the third consecutive year in 2025.
An important consideration is that new US policies, particularly proposed tariffs, could disrupt the flow of Platinum Group Metals (PGMs) to the US and/or affect consumer demand for vehicles. This group includes six elements: platinum, palladium, rhodium, ruthenium, iridium, and osmium. These metals are highly valuable and have important applications in various industries, such as automotive, electronics, and high technology. These concerns have driven some of the recent flows of platinum to the US and, ultimately, to NYMEX stock, which is reflected in investment demand.