Trevor Raymond

TREVOR Raymond must have been sorely tempted to start the executive summary of the World Platinum Investment Council’s (WPIC) review of the platinum market published on December 18 with “Oh ye of little faith …” The reason is the meteoric rise of the platinum price in the second half of 2025 as it finally responded to a number of factors including the annual supply deficit which the WPIC has forecast for the past three years.

A year ago, Raymond warned about continuing downside risks to supply as miners reconsidered their production plans. The platinum price went vertical in December breaking the previous all-time high set in 2008 which would normally be viewed as a price spike. The WPIC, however, is doubling down on its bullish outlook. It reckons platinum remains “historically undervalued” and what’s coming is a period of “healthy consolidation underpinned by strong fundamentals”. The WPIC report said the market deficits “laid the groundwork” for the soaring platinum price, but that “geopolitics and macroeconomics provided a tailwind”.

Surprisingly, it does not mention the slew of developments at the end of the year confirming analyst reports that sales of electric vehicles were running way below forecast meaning extended life for internal combustion engine vehicles. The WPIC reckons there’s more to come and that “the investment case for platinum remains compelling” even though it is initially forecasting a balanced market in 2026. That could easily change if trade tensions continue and investment demand remains high with minimal profit taking.