Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Platinum just recorded its strongest month since 1986, surging more than 30% in June to a relative high of $1,422.40/oz. This momentous rise has many investors wondering if a larger breakout is around the corner for the white metal, whose year-to-date returns lead the precious metals market.
Experts highlight persistent supply constraints, rising demand, and reinvigorated Chinese interest as compelling drivers behind platinum’s concentrated rise. Although some risks, such as price-sensitive Eastern demand and EV transitions, might dampen demand, structurally tight conditions suggest the rally still has legs.
The Strongest Monthly Increase in 39 Years
Platinum is retaking headlines after years of flying under investors’ radar with a 27.95% leap across June, jumping from $1,063.20/oz to $1,360/oz. That nearly $300 single-month rise reflects a major shift in the white metal’s years-long price action, which has stagnated within a tight trading window between $900/oz and $1,000/oz.
The rally saw platinum prices extend to a relative high of $1,422.40. When measuring the climb from peak to trough, platinum soared by 33.76% in June. Either way you measure it, the white metal notched its strongest month since August 1986 when prices exploded around 30% within a similarly tight window.
Platinum Outpacing Gold & Silver
Gold and silver have dominated headlines in the precious metals market…at least until June. Platinum’s breakout performance has now made it the top-performing metal of the year. In the first half of 2025, gold and silver posted gains of 27.45% and 24.80%, respectively, while platinum surged more than 50%. This yield is even more impressive when compared with the white metal’s 2024 loss of 9%. Now, many are wondering if platinum is the most understated precious metal opportunity.
The Factors Fueling Platinum’s Comeback
Demand is on the Run-Up
Similar to silver, platinum enjoys a diverse range of investment sources due to its unique properties. According to the World Platinum Investment Council (WPIC), platinum consumption is expected to rise across the board:
Automotive & Industrial: Analysts predict that “demand for platinum is predicted to grow well into the decade” for automotive and industrial applications. The white metal is needed in higher concentrations for gasoline and diesel-powered vehicles and even plays an important role in electric vehicles.
Jewelry: The surging cost of gold, along with platinum’s hypoallergenic properties, is boosting the white metal’s popularity in the jewelry sector. Recently, platinum’s demand in the jewelry industry reached its highest point in six years.
Investment: Platinum is also popular among investors for its ability to preserve value and keep pace with inflation over time. Investment-focused purchases surged by 28% in Q1 2025, indicating a renewed interest in the metal.
Supply is Running Dry
Platinum supply is shrinking fast, even as demand continues to rise:
- Total global resources are expected to fall 4% year-over-year in 2025, hitting a five-year low of 7.0 million ounces.
- Mining, which accounts for nearly 80% of production, dropped 13% in Q1 and is on track for a 6% decline this year.
- Recycling is set to grow slightly by 3%, but it won’t offset the drop in mined output. Meanwhile, above-ground stockpiles—already down 23% in 2024—are projected to fall another 25%, leaving reserves that could barely cover four months of demand.
China is Diving In
Chinese demand isn’t just boosting gold; it’s also giving platinum a major lift. With gold prices hovering near record highs, many buyers are turning to platinum as a more affordable alternative. This shift is especially noticeable in China’s jewelry sector, the largest in the world, where both companies and individuals are increasingly favoring the white metal.