I just made an interesting observation: Is platinum more expensive than gold? The answer might surprise you – actually, not really, and that’s what makes the current market development so exciting.

Just a few years ago, it was completely different. Gold has steadily increased over the past ten years, while platinum remained stagnant around $1,000 per ounce for a long time. In early February, gold was around $4,850, whereas platinum was only about $2,045. That’s a difference of over $2,700 – the largest gap in the history of these two precious metals.

But here’s where it gets interesting: From mid-2025, something crazy happened with platinum. The price literally exploded. Within a few months, platinum shot up from below $1,000 to nearly $3,000. On January 26, it reached a new all-time high of $2,925. Then came a sharp correction – the price dropped over 35 percent in just a few days. Such fluctuations are usually only seen with volatile cryptocurrencies, not with traditional precious metals.

Why is platinum suddenly so interesting? It’s due to several factors. South Africa, which supplies about 70 to 80 percent of the world’s platinum production, is facing massive problems with power outages and underinvestment. The supply is tight. At the same time, demand is rising – especially from China for bars and coins, but also from industry. Platinum is not only used for catalytic converters in cars but also for fuel cells, green hydrogen, and medical implants. It’s a real consumable, not just an investment like gold.

Projections for 2026 are divided. Some analysts see platinum at $2,450, others at only $1,300. This shows how uncertain the market is. The World Platinum Investment Council expects a balanced market year in 2026, but deficits are expected to return afterward.

For active traders, this is of course a dream – the volatility offers really good trading setups. With CFDs and leverage, you can make decent money here, but also risk losing a lot. The platinum market is much less liquid than the gold market, so small movements can trigger large price jumps.

For long-term investors, the question is less whether platinum is more expensive than gold, but rather: can platinum catch up in the long run? The structural supply shortage could be a real driver. If the hydrogen economy takes off, platinum could benefit massively. By 2030, WPIC estimates an additional demand of 875,000 to 900,000 ounces from fuel cells and electrolyzers.

But caution: the extreme volatility of recent weeks also shows the risks. Anyone buying platinum should know what they’re doing. Physical platinum is safer but more expensive to store. ETFs and ETCs are easier to handle. CFDs with leverage are for experienced traders.

My observation: platinum isn’t necessarily more expensive than gold – quite the opposite. But that’s exactly what makes it interesting now. After years of stagnation, platinum could finally become a real investment story again. Whether it works depends on supply, demand, and geopolitical developments. It remains exciting in any case.