Interesting observation: While gold has dominated headlines in recent years, platinum has long been underestimated. But since mid-2025, the picture has changed dramatically. The platinum price has exploded and surprised many investors who had long written off the precious metal.

Looking at the development over the past ten years, it becomes clear why so many ignored platinum. In 2016, the gold price was around $1,125 per ounce and has since risen by over 330 percent. In contrast, platinum hovered around the $1,000 mark for a long time and simply couldn't keep pace with gold. The gap between the two precious metals has been widening — a completely unusual phenomenon in trading history.

But then came the turnaround. Starting in June 2025, platinum launched a rally that hardly anyone saw coming. The price shot up from below $1,000 to nearly $3,000 — a tripling in just a few months. On January 26, 2026, the platinum price reached its new all-time high of $2,925. That was an increase of over 200 percent from the start of 2025. For comparison: gold increased by about 70 percent in the same period.

What triggered this explosive movement? That’s the exciting question. The answer lies in a perfect combination of various factors. First: The supply is extremely tight. South Africa, which supplies about 70 to 80 percent of global platinum production, is struggling with massive production problems. In 2025, mine output there fell by five percent and reached the lowest level in five years. At the same time, there is a structural supply deficit — in 2025, the market was estimated to be short by 692,000 ounces.

Second: Demand remains surprisingly stable and diverse. Platinum is not just a speculative object like gold, but a real industrial metal. It is used in catalysts, medicine, chemistry, and increasingly in hydrogen technologies. This broad demand stabilizes the market in the long term.

Third: The weak US dollar and geopolitical tensions have further fueled the rally. Investors were looking for inexpensive precious metal alternatives to gold, and platinum presented itself.

But here comes the important warning: Volatility is extreme. In early February 2026, the price fell over 35 percent within six trading days to $1,882, before recovering almost just as quickly. This shows how illiquid the platinum market is. With only about 73,500 open contracts on NYMEX, the market is significantly thinner than the gold market.

For the platinum price forecast in 2026, there are different scenarios. The World Platinum Investment Council expects a nearly balanced market with minimal surpluses in 2026 — a big difference from 2025. This could reduce price pressure. However, various analysts expect different scenarios: Heraeus forecasts $1,300 to $1,800, Bank of America sees $2,450, and Commerzbank expects $1,800. This range illustrates the uncertainty.

In the long term, it looks interesting. WPIC expects that after the balanced 2026, deficit years will follow until at least 2029. The hydrogen economy could additionally require 875,000 to 900,000 ounces by 2030. This points to structural scarcity and could support the price in the long run.

How should investors react now? That depends on the type. Active traders can use the volatility and speculate with CFDs or futures. The key is: never risk more than one to two percent of capital per trade and always set a stop-loss. For a position with €10,000 capital and fivefold leverage, the stop-loss should be around two percent — limiting the damage to a maximum of €100 per trade.

For more conservative investors, platinum could be interesting as a portfolio addition. It often behaves inversely to stocks, providing diversification. The right weighting should be determined individually. Platinum ETFs or physical platinum are good options here.

The central insight: platinum is not the "lesser gold." It is a separate investment with its own dynamics. The forecast for the platinum price in 2026 remains open — both gains and losses are possible. Those investing should understand the risks and have a clear strategy.