Could Platinum Go Even Higher in 2026?

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With platinum currently experiencing a bull market, analysts believe the metal's price trajectory has considerable room to climb, driven by persistent supply-demand imbalances. The consensus points toward continued appreciation through at least 2026, with some projections extending even further.

"Platinum is emerging as a compelling long-term investment," wrote Jana Kane, editor-in-chief of the LiteFinance trading blog, on Dec. 11. "Its allure stems from strong industrial demand, a pivotal role in green energy, and limited supply."

The metal has posted an impressive gain of roughly 94% between the start of 2025 and mid-December, climbing from US$910/oz to US$1,766/oz — outpacing even gold's performance over the same period. Platinum reached its most recent peak of US$1,779/oz on Dec. 12, representing more than a threefold increase from its March 2020 low of US$562.

Technical Analyst Clive Maund, in a Dec. 8 report, characterized platinum's price as "set to soar," identifying US$1,800 as an initial target before a potential steepening of the uptrend.

"Platinum is expected to follow the lead of gold and silver and drive through remaining resistance to make new highs," Maund added.

The analyst consensus for year-end 2025 clusters around US$1,770/oz, though some more conservative estimates place it at US$1,714, according to Kane's reporting. Looking ahead to 2026, forecasts turn decidedly bullish, ranging from US$1,710–1,748 on the conservative end to US$2,340 at the high end.

Platinum in 2025

The platinum market is confronting its third consecutive year of supply deficit in 2025, with the shortfall estimated at 850,000 ounces, Edward Sterck, research director at the World Platinum Investment Council (WPIC), told CME Group on Dec. 10. Supply is projected to remain constrained in the 7.2–7.3 million ounce range.

This structural deficit stems largely from production constraints in South Africa — which accounts for approximately 80% of global platinum output — including operational challenges, labor and operational cost inflation, and power sector disruptions, according to Crux Investor in a Dec. 9 article. Additional factors include geopolitical risks affecting Russian supply (the world's second-largest producer) and limited pipeline development in traditional producing regions.

Recycling activity, which had been suppressed over the past three years, has begun recovering in response to elevated platinum prices, Sterck noted.

Platinum demand is forecast to approach 8 million ounces by year-end, according to Sterck. The WPIC's projections, published in its Q3/25 Platinum Quarterly on Nov. 18, indicate automotive demand running above the five-year average and jewelry demand climbing year-over-year on increased interest from China, the U.S., Europe, and India. Bar and coin investment is expected to surge nearly 50% year-over-year, driven primarily by Chinese demand.

CME Group has observed a significant uptick in demand for platinum derivatives as market participants seek to manage price risk. Average daily volume in platinum futures rose 22% to 38,000 contracts through Q3/25, with a record-breaking 9,500 platinum options contracts traded on Oct. 24.

"We're seeing increased interest from firms across the physical supply chain, from producers to major consumers in the oil and gas industry," said Yang Lu, CME Group's Senior Director of Metals Products.

What About 2026?

Looking ahead, WPIC's Sterck told CME Group he anticipates the platinum deficit will persist through 2029, though it should narrow progressively to approximately 486,000 ounces as recycling activity expands. WPIC projects recycling supply to grow by roughly 10% in 2026.

Two recent developments in China are expected to simultaneously boost demand and constrain supply, according to Crux Investor.

China's recent reclassification of platinum as a strategic critical mineral "creates a structurally higher floor for long-term platinum demand, reducing downside price risk and improving project finance economics across the development pipeline," Crux wrote.

Given that China produces minimal platinum domestically and must import more than 95% of its requirements—coupled with growing demand for the metal in hydrogen-related energy transition applications—this policy shift carries significant implications.

"For investors, this dynamic supports long-term investment confidence in platinum by signaling that demand will persist across commodity cycles," Crux Investor added.

Earlier in December, China launched platinum futures on the Guangzhou Futures Exchange. This move formalizes institutional investment demand and creates new physical inventory requirements that effectively tighten supply, Crux explained. The development creates opportunities for established producers and emerging developers in jurisdictions offering geographic diversification, including Canada, Brazil, and Australia.

However, certain factors could ease supply constraints. Higher prices may trigger profit-taking from ETFs currently holding approximately 3.2 million ounces of platinum, Sterck told CME Group.

"If tariff tensions subside, some of the above-ground stocks people accumulated in recent years amid heightened uncertainty could also be offloaded, helping shore up supply," he added.

Regarding demand projections for next year, the WPIC anticipates a decline from the automotive sector. Platinum purchases from automakers have been declining amid the electric vehicle revolution, CME Group noted; however, the EV transition appears to have decelerated somewhat, suggesting automotive demand may not contract as rapidly as initially expected. Tesla sales have weakened, traditional automakers have extended timelines for hybrid and combustion vehicle production, and potential policy changes — including EV tax credit elimination and possible EPA rollbacks on carbon dioxide regulations — could further slow EV adoption.

The hydrogen economy could partially offset declining automotive demand, with platinum usage in this sector projected to grow faster than in any other industry by 2030, CME Group reported. The WPIC forecasts hydrogen-related platinum uptake to increase by 875,000–900,000 ounces by 2030.

"Fuel cell electric vehicles, especially for heavy-duty trucks and buses, and so-called electrolyzers needed to power green hydrogen (energy made from water and renewable sources), will drive growth, alongside stationary or backup power facilities," CME Group wrote.

WPIC also projects modest jewelry demand contraction in 2026, while coin and bar investment is expected to strengthen by approximately 30%. Industrial demand should return to growth, driven primarily by chemical sector recovery and renewed capacity expansion in the glass industry.

Naturally, broader macroeconomic conditions and unforeseen events—including global economic shifts, geopolitical tensions, and conflicts—could influence platinum market dynamics and pricing, CME Group noted.

"As these dynamics continue to unfold, platinum's role in both industry and in investment portfolios will likely be top of mind for market participants," CME Group wrote.

Here's a look at four companies in the platinum space that stand to benefit from a sustained bull market in platinum:

Platinum Group Metals

Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE.MKT) is a Vancouver-based metals explorer-developer holding a 50.16% interest in the Waterberg platinum group metals (PGM) joint venture project on the Northern Limb of South Africa's Bushveld Complex. The company's near-term focus centers on advancing Waterberg toward a development and construction decision.

In recent news, the Waterberg Joint Venture Co. board of directors unanimously approved ZAR92.1 million for a sixth stage of work in fiscal year 2026 (which began Sept. 1, 2025), enabling ongoing work programs to continue.

In a Dec. 8 note, Technical Analyst Maund highlighted that Waterberg's 23,410,000 ounces of 4E Proven and Probable reserves comprise approximately 28.7% platinum, 63.5% palladium, and 6.2% gold. He characterized the stock as looking "insanely cheap," particularly given current PGE prices.

"With its giant Waterberg project in northeast South Africa heading towards production and its stock price still very low and with a modest approximately 116M shares in issue, Platinum Group Metals Ltd. looks like an excellent investment at its current price, with not just big upside but [also] the potential for large percentage gains," Maund added. He rates the stock a Strong Buy across all time frames.

¹As for ownership, eight strategic entities hold 24.11% of the company. The top insider and overall shareholder is Hosken Consolidated Investments Ltd. with 23.79%. Institutional investors hold 25.97%, with Franklin Advisers Inc. (8.13%), Kopernik Global Investors LLC (6.06%), and Franklin Templeton Fixed Income Group (2.42%) representing the top three. Retail investors hold the balance.

Platinum Group Metals has 116.74 million shares outstanding and a market cap of CA$313.71 million. Its 52-week trading range is CA$1.39–CA$4.64 per share.

Eastern Platinum

Eastern Platinum Ltd. (ELR:TSX; ELR:LSE; EPS:JSE), known as Eastplats, is a Vancouver-based company that owns four PGM projects in South Africa's Bushveld Complex: Crocodile River on the Western Limb, and Kennedy's Vale, Spitzkop, and Mareesburg on the Eastern Limb.

Currently, Eastplats is mining and processing ore from the Zandfontein underground section of Crocodile River to produce PGM and chrome concentrates.

In the latest development, the company secured a credit facility with Ka An Development Co. Ltd. for up to CA$1 million. The funds will be used to ramp up Zandfontein underground mine tonnage, targeting 70,000 tons of run-of-mine ore per month by year-end 2026.

¹Regarding ownership, Ka An Development is the largest shareholder at 49.52%, with retail investors holding most of the remainder.

Eastern Platinum Ltd. has 203.49 million shares outstanding, a market cap of CA$45.08 million, and a 52-week trading range of CA$0.11–0.375 per share.

Valterra Platinum Ltd.

Valterra Platinum Ltd. (ANGPY:OTCMKTS; VALJ.J:JSE; VALT:LSE), headquartered in Johannesburg, South Africa, mines, processes, and markets PGMs and associated coproducts.

The company operates three mines in South Africa's Bushveld Complex: Amandelbult in the Northwestern Limb, and Mototolo and Modikwa in the Eastern Limb. Mogalakwena is a producing joint venture in the Northern Limb. Valterra's Zimbabwe operation is the Unki mine.

The latest news is that Valterra successfully ramped up production from the Tumela Lower section of Amandelbult to steady state ahead of schedule. Full-year production guidance for the mine is 450,000–480,000 ounces of PGMs. The company remains on track to deliver total metal-in-concentrate production of 3–3.2 million ounces, with approximately 2 million ounces coming from its own operations. Refined production and sales volume guidance is expected at approximately 3.4 million ounces of PGMs.

S&P Global Inc., in a Dec. 12 rating report, projected Valterra's adjusted EBITDA to increase approximately 43% this year to ZAR30.8 billion from ZAR21.5 billion in 2024, with margins expanding to 27.9% from 19.7%. S&P assigned BBB long-term and A-3 short-term foreign and local currency issuer credit ratings, indicating adequate capacity to meet financial commitments while noting greater vulnerability to adverse economic conditions compared to higher-rated entities.

"Our rating on Valterra reflects its adequate scale in PGM production, limited leverage and operations in the lower half of the cost curve," S&P wrote. "We expect the company will refine and sell 3–3.4 Moz of PGMs annually over the next two years, making it one of the Top 2 producers of PGMs globally and the top global producer of platinum."

Regarding ownership, 13 institutions hold 0.15% of the company, with retail investors holding the balance.

Valterra has 264 million shares outstanding, a market cap of ZAR21 billion, and a 52-week trading range of ZAC50.389–ZAR1,329 per share.

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