Just now, I looked at the platinum price development over the past few months and have to say: This is a damn interesting story. While everyone is only talking about gold, platinum has quietly been undergoing a revolution in the background. But is the question really whether platinum is more valuable than gold?

Let me go through the facts. In January 2026, gold reached an all-time high of over $5,500 per ounce. Meanwhile, platinum climbed to nearly $2,925 – also a new all-time high, but significantly lower. At first glance, one might think gold is the better investment. But the story is more complex.

The interesting part: Looking at the last ten years, gold has outperformed platinum by +331%. But if you only look at the past year – the situation has completely reversed. Platinum gained over 100%, while gold "only" increased by 70%. From below $1,000 at the beginning of 2025 to nearly $3,000 at the end of January – that’s a rally not to be ignored.

Why this massive difference? Well, gold is primarily an investment asset. Platinum, on the other hand, is both an investment asset and a consumable. It’s used in diesel catalysts, medicine, the chemical industry, and increasingly in fuel cells. When the automotive industry faltered, platinum suffered. But from mid-2025, a kind of perfect storm emerged: supply shortages in South Africa, structural deficits, geopolitical tensions, a weak US dollar – and suddenly, platinum became interesting again.

But here’s where it gets tricky: Despite the rally, platinum still isn’t more valuable than gold. As of early 2026, gold still costs over $2,700 more per ounce than platinum. This is the largest absolute gap in the history of both metals. The platinum-to-gold ratio remains below 1 – a state that has persisted since 2011.

What fascinates me most: The platinum market is significantly less liquid than the gold market. With only about 73,500 open NYMEX contracts (roughly $8.3 billion in value) compared to over $200 billion in gold, this leads to extreme volatility. After reaching the all-time high, platinum fell 35% within six days – a shock for many traders.

For 2026, the World Platinum Investment Council expects a nearly balanced market after years of deficits. Mine production is expected to grow by 2%, and recycling supply by about 10%. However, total demand is projected to decrease by 6% – mainly because investments could drop by 52%. That sounds negative at first, but experts expect deficits to return at least until 2029 after 2026.

Opinions among analysts are divided. Heraeus sees platinum at $1,300–$1,800, Bank of America at $2,450, Commerzbank at $1,800. This range shows the uncertainty surrounding the precious metal.

Now, on the practical side: How does one invest in platinum? Physical ownership is possible but involves high storage and transaction costs. ETFs and ETCs are more straightforward. For active traders, CFDs are interesting – with smaller capital outlays and leverage, you can speculate on price movements. Important: risk management is not optional but essential. You should risk no more than 1-2% of your total capital per trade.

For more conservative investors, platinum could be an interesting addition. It has its own supply and demand dynamics and sometimes moves counter to stocks. This can be valuable for portfolio diversification in the long run.

My observation: Is platinum more valuable than gold? Not in absolute numbers. But in relative terms, platinum could be more interesting for certain types of investors. The extreme volatility offers opportunities for active traders. The structural supply shortages could support prices in the long term. And the hydrogen economy could become an additional demand driver.

But let’s be honest: platinum is more complex and riskier than gold. The past weeks have shown that price movements of over 40% upward and 35% downward within just a few days are possible. That’s not for the faint of heart. Everyone should decide for themselves whether and how much they want to expose themselves to this risk. The opportunities are there – but so are the risks.