It’s well worth a read if you are in Platinum.
In part-
A balanced platinum market is projected for 2026
Platinum mine supply is forecast to increase 2% in 2026f versus 2025f as some WIP inventory is released.
Supply from recycling is set for growth of 10% year-on-year as higher prices incentivise processing of spent autocatalysts and more selling of jewellery scrap.
Total platinum supply is forecast to increase by 4% year-on-year during 2026f.
Total platinum demand is forecast to decrease by 6% year-on-year to 7,385 koz in 2026f.
Platinum investment demand accounts for 385 koz of the 437 koz absolute reduction in total platinum demand for 2026f, given expectations for exchange stock outflows on easing US trade tensions and price-linked ETF profit taking.
The platinum market is forecast to be balanced with a small surplus of 20 koz in 2026f.
Doesn’t look overly positive for the price in the short term if it is all correct.
Medium term reads ok, they have a section – The platinum investment case – physical supply tightness comes to the fore
I’m out for now, want some cash, but keeping an eye on it.