Platinum’s hangover phase
After three years of deficits, platinum is apparently about to do a 180 and move into surplus in 2026. The World Platinum Investment Council says the turn is being driven by two big drags: investors backing away from the metal and weaker Chinese jewelry demand.
Why this matters
Commodities are basically one giant popularity contest with supply chains. When demand cools and supply starts to outpace it, prices usually don’t throw a party.
For platinum, that means the market could be entering a softer stretch just as it was getting used to scarcity. If you’re watching miners, precious-metals funds, or industries that use platinum, this is the kind of macro shift that can ripple through pricing and margins.
Big picture
The story here isn’t just "platinum is less shiny." It’s that sentiment is fading at the same time physical demand is wobbling, which can reset the whole market backdrop. Big picture: when a metal goes from shortage to surplus, the vibes get a lot less glamorous.