I just realized that platinum is still massively underestimated in investment discussions—yet the situation has completely turned around since mid-2025. While gold gets all the attention, something really interesting is happening with platinum.

Let’s start with the facts: Gold is at just under $4,850 at the beginning of 2026, platinum at around $2,045. At first glance, it looks like gold has won. But if you look at the price performance over the long term, it gets complicated. Over the past 10 years, gold has risen by 331 percent—that’s impressive. But platinum? In the same period, only 132 percent. The classic picture: gold wins, platinum loses.

However, last year changes everything. Since the start of 2025, platinum has gained more than 110 percent, while gold only managed 70 percent. This was a real explosion—from below $1,000 to nearly $3,000 at times. On January 26, 2026, platinum reached its new all-time high of $2,925. Then came the shock correction: within just a few days, the price fell by 35 percent. This shows how illiquid this market is.

Why is this happening right now? Long-term price development is driven by multiple factors. South Africa, which supplies 70–80 percent of global production, saw a 5 percent production drop in 2025. That was the lowest level in five years. At the same time, there was a structural deficit of about 692,000 ounces—the third year in a row. Geopolitical tensions, a weak US dollar, extreme physical scarcity—this was like a perfect storm.

It’s also interesting that platinum isn’t just an investment asset like gold. It’s used everywhere—in diesel catalysts, medicine, and chemicals, and now increasingly in fuel cells and green hydrogen. This makes long-term price development less predictable, but potentially more exciting.

Analysts are divided on what 2026 will bring. Heraeus expects $1,300–$1,800, Bank of America expects $2,450, and Commerzbank expects $1,800. The World Platinum Investment Council expects a balanced market in 2026—after three years of deficits. That could mean the pressure eases. On the other hand, the WPIC forecasts deficits again after 2026 until at least 2029.

So who should get in now? For active traders, platinum is interesting because of its volatility—CFDs or futures can work if you take risk management seriously. For more conservative investors, a small position in platinum ETFs or physical platinum as a portfolio supplement could make sense. Long-term price development suggests that platinum has long-term potential, especially if the hydrogenwirtschaft picks up.

What fascinates me: for a long time, platinum was the most expensive precious metal. Back in 2014, it was still clearly above gold. Then came the long dry spell. Now, after decades of neglect, there’s suddenly movement again. Long-term price development could fundamentally change if industrial demand really starts to pick up.

But the extreme volatility of the past few weeks—more than 40 percent gains, then a 35 percent loss in days—also shows: this is not for the faint of heart. Anyone investing should know what they’re getting into. Stop-loss and risk management aren’t optional extras; they are essential in such an illiquid market.

On Gate.io, you can check current prices and charts to form your own opinion. But one thing is clear: after years of neglect, platinum is back on the radar—and this is probably only the beginning.