Platinum has been on my mind for a long time, but only now does it really make sense to take a closer look at this precious metal. The price development over the past few months has been wild – and I mean truly wild.

Let me start with the facts: Gold reached a new all-time high of over $5,500 per ounce at the end of January 2026. Impressive, no question. But what fascinates me even more is what happened simultaneously with platinum. The price exploded to $2,925 per ounce in January – a new all-time high. That’s an increase of over 200 percent compared to the start of 2025. Platinum’s price has tripled in just a few months.

What makes this so interesting? Well, for a long time, platinum was completely underestimated. Between 2015 and mid-2025, the platinum price simply hovered around the $1,000 mark. Boring. Gold, on the other hand, kept hitting new records. But starting in June 2025, there was a turning point – and what a turning point it was.

The story behind it is fascinating. Platinum was actually the most valuable precious metal for a long time. In 2014, the price was still significantly above gold. Then came a long dry spell. The automotive industry weakened, diesel catalysts – where platinum is heavily used – were no longer in demand. That pushed prices down for years.

But now, the turning point: structural supply shortages. South Africa, which supplies about 70-80 percent of global production, is struggling with underinvestment and power outages. In 2025, mine production fell by 5 percent. At the same time, demand from new sectors is growing – fuel cells, green hydrogen, Industry 4.0. This is the perfect storm for platinum’s price.

The interesting part: despite the rally, platinum is still cheaper than gold. Gold costs over $2,700 more per ounce at the beginning of 2026. That’s the largest absolute gap in history. Some see this as a hidden opportunity.

How to invest now? There are several ways. Physical platinum in coins or bars is an option, but it involves high storage costs. ETFs and ETCs are more straightforward. For active traders, CFDs or futures are interesting – but with corresponding risks. The market is relatively illiquid, which can lead to extreme fluctuations. After reaching the high of $2,925, the price fell 35 percent within six days to $1,882, then recovered quickly.

For the forecast in 2026: The World Platinum Investment Council expects a nearly balanced market with only a small surplus. This is a change from 2025, when there was a deficit of 692,000 ounces. Different analysts give different forecasts – from $1,300 (Heraeus) to $2,450 (Bank of America). This shows the uncertainty.

Important for me personally: WPIC expects deficits to return at least until 2029 after 2026. Above-ground stocks could shrink significantly. That could be interesting for platinum’s price in the long term.

What I find remarkable: platinum has completely different supply and demand dynamics than gold. It’s not just an investment asset but also a consumable. This makes it more complex, but also potentially more exciting for traders and investors looking to diversify.

The extreme volatility of the past few weeks also shows: this is not for the faint of heart. Anyone investing in platinum should know what they’re getting into. For active traders, the fluctuations could be interesting; for conservative investors, it might be better as a small addition to the portfolio.

In summary: platinum’s price has undergone a fascinating transformation. From underestimated to suddenly interesting. Whether this is sustainable will be seen in the coming months. But the structural story is definitely exciting.