Platinum vs. Gold – a comparison many investors underestimate. Especially in recent months, a lot has happened that is truly remarkable.

For a long time, platinum was the more valuable precious metal. In 2014, it was still significantly above gold. But then came a long period of stagnation – while gold experienced an incredible upward trend, platinum hovered around the $1,000 mark for years. That was frustrating for everyone who believed in its potential.

But around mid-last year, something unexpected happened. The platinum price exploded. From below $1,000, it climbed to nearly $3,000 by January – an increase of over 200 percent within a few months. That was intense. For comparison: gold gained about 70 percent in the same period. Platinum vs. gold – this time with a clear winner.

What’s behind it? Several factors are at play. South Africa, which supplies about 70-80 percent of the world's platinum production, is struggling with massive problems – power outages, underinvestment, operational challenges. Supply is simply tight. At the same time, demand unexpectedly increased, especially from China for bars and coins. Then geopolitical tensions and a weak US dollar added to the mix. The perfect storm for platinum.

The interesting part: despite this rally, platinum still trades at a massive discount to gold – over $2,700 per ounce difference. This is the largest absolute gap in the history of both metals. Platinum is significantly rarer, has extensive industrial applications in the automotive industry, medicine, and chemistry, and plays a key role in fuel cells and green hydrogen. Theoretically, this should support the price.

But it gets complicated here. The platinum market is extremely illiquid compared to gold. With only about 73,500 open NYMEX contracts, the market is susceptible to extreme fluctuations. This was clearly seen in January: the price dropped over 35 percent within six days, then recovered nearly 20 percent in a single day. Not for the faint of heart.

For 2026, analysts expect a balanced market year – supply and demand could come closer together. But after that? The World Platinum Investment Council forecasts new deficit phases until at least 2029. Above-ground stocks could shrink significantly, especially if the hydrogen economy gains momentum.

Projections vary wildly. Heraeus sees $1,300–$1,800, Bank of America $2,450, Commerzbank $1,800. This shows: no one really knows where it’s headed.

Platinum vs. gold – who is platinum interesting for? For active traders, volatility offers real opportunities. With CFDs and leverage, you can make decent moves if you know what you’re doing. But the risk is substantial. More conservative investors might use platinum as a portfolio addition. It often moves counter to stocks and can serve as a hedge.

The key question remains: has platinum finally awakened from its years-long slumber, or was this just a temporary spike? The structural supply shortage argues for higher prices in the long term. But volatility and illiquidity make it a tool for experienced investors. Those who invest should know what they’re getting into – platinum is not gold, and that is both an opportunity and a risk.