I just came across an interesting development that many investors underestimate: platinum. While everyone talks about gold, this precious metal has experienced an incredible rally – and now it’s getting exciting to see how it will develop.

Let’s start with the facts. In early 2026, platinum reached a new all-time high of nearly $2,925 per ounce. That’s an increase of over 200 percent compared to the start of 2025, when the price was around $900. For comparison: gold has risen about 70 percent in the same period. Platinum has significantly outperformed gold – at least in the short term.

What fascinates me is the story behind it. Platinum was long considered the most valuable precious metal, but then it was completely overlooked. From 2015 to mid-2025, the price hovered around the $1,000 mark. The automotive industry was weak, diesel catalysts were out. Then came the turning point – and what a turn it was.

The reasons are diverse: South Africa, which supplies about 70 to 80 percent of global production, is struggling with underinvestment and power outages. Supply is tight. At the same time, demand is picking up again – not only in traditional industries but also in future technologies like fuel cells and green hydrogen. Geopolitical tensions, a weak US dollar, and the spillover effect from gold have also added pressure. A perfect storm for platinum.

Now to the platinum forecast: The World Platinum Investment Council expects a balanced market in 2026 with only a small surplus. That’s a big difference from 2025, when there was a deficit of about 692,000 ounces. But here’s where it gets interesting – after 2026, deficits are expected to return, at least until 2029. However, analyst forecasts for platinum vary widely: from $1,300 to $2,450. This shows the current uncertainty.

Volatility is brutal. Within six trading days, the price fell by 35 percent, then recovered almost 20 percent in a single day. This is because the platinum futures market, with about 73,500 open contracts, is significantly less liquid than the gold market. Small positions can trigger large movements.

Personally, I don’t see platinum as a classic buy-and-hold investment like gold. The forecast for the next few years is too uncertain, and volatility is too high. But that’s exactly what makes it interesting for active traders. If you can manage the volatility – with stop-loss orders, small positions, risking no more than 1-2 percent per trade – there are real opportunities here.

For more conservative investors, platinum could serve as a small addition to the portfolio. It sometimes moves counter to stocks and other assets, so it can diversify. But the appropriate amount should be decided individually.

What interests me most for the coming months: How will Fed policy develop? A strong dollar would put pressure on platinum. And geopolitical tensions – will they persist or ease? These are the factors currently driving the price.

Bottom line: platinum is no longer a boring precious metal. The price development of recent months has shown that there’s real movement here. Whether this is sustainable or just a bubble, only the coming months will reveal. Interesting for traders, more of a niche segment for long-term investors. Those who want to get closer should keep an eye on lease rates – they are a good indicator of market health.