Platinum surged again, reaching the highest level since 2014, with the platinum/gold ratio approaching a multi-year resistance level

"Gold fatigue" is driving funds to shift towards platinum in search of alternative safe-haven opportunities, while the sharp consumption of global inventories and tight supply conditions have jointly pushed platinum prices to a new high in over a decade.

On June 26, platinum prices surged significantly, with a maximum increase of 4.6%, reaching the highest level since 2014; palladium also saw an increase of over 6% during the same period, hitting the highest point since November last year. Market analysis shows that despite previous expectations that tariff policies would dampen demand, the actual situation is quite the opposite, as stockpiling behaviors in both China and the United States have led to a sharp decline in globally tradable platinum inventories. Today, platinum futures continued to rise slightly to the level of $1,420 per ounce.

With the strong rise in platinum, its price ratio to gold continues to approach long-standing technical resistance levels. The current trend contrasts with the historical volatility trend from 2021 to 2026, and breaking through key thresholds may trigger structural adjustments in the market.

Accelerated Consumption of Global Platinum Inventories

TD Securities commodity strategist Daniel Ghali stated that the market had previously widely expected tariff policies to dampen demand, but the actual situation is completely the opposite.

The market has been completely misled, as everyone expected tariffs to dampen demand, but there are currently no such signs. On the contrary, we see stockpiling in China competing with stockpiling in the United States, and although the driving factors are different, both are pushing global inventory consumption.

Data shows that approximately 500,000 ounces of platinum have flowed into U.S. warehouses, driven by profitable arbitrage opportunities and concerns over tariffs.

Extreme Supply Tightness in the Market

Platinum futures prices are currently far below spot prices, a situation known as "spot premium," indicating extreme supply tightness in the market. Data shows that the implied borrowing cost for one-month platinum leasing remains high, with an annualized rate of about 13%, far above the typically near-zero levels.

Ghali pointed out, "If you look at various raw materials, there is evidence that the global inventory system is diverging. It is clear that tradable platinum is very scarce."

Major platinum spot markets in London and Zurich have shown signs of tightness for months, further confirming the severity of the supply shortage.

Currently, traders are closely monitoring the easing of geopolitical tensions following the ceasefire agreement between Israel and Iran.

Gold "Stagflation" = New Highs for Platinum? Platinum's Year-to-Date Increase Exceeds 50%

An earlier article from Wall Street Watch mentioned that "gold fatigue" is giving rise to new safe-haven choices, with platinum becoming the new focus in the precious metals market Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP, pointed out that the rise in platinum is a continuation of the global currency depreciation trade:

"Investors are looking for dollar hedging tools, and beyond gold, silver and platinum have become the next hotspots."

Vaihab Agarwal, Head of Product Innovation at global index provider Indxx, referred to this phenomenon as "gold fatigue," which occurs when investors start looking for opportunities downstream in the value chain after gold prices rise to historical highs. Currently, silver has attracted significant attention, while platinum is becoming the next beneficiary. As of now, platinum futures have risen over 50% this year