In this issue of Platinum Quarterly, we analyze how platinum supply and demand have changed in Q4 2024, present final estimates for 2024, and provide an updated forecast for 2025. In addition, WPIC shares insights on issues and trends important to investors interested in platinum, and provides information on how our product partnerships continue to benefit investors.

Metals Focus has independently prepared the data and commentary for WPIC. The market shortfalls are much larger than forecast in the November issue of Platinum Quarterly, at 995 thousand ounces in 2024 and 848 thousand ounces in 2025. This is mainly due to lower recycled platinum supply and strong investment demand, two factors that will also influence the 2025 shortfall. Platinum is expected to remain in deficit for the third consecutive year in 2025.

An important aspect to keep in mind is that new U.S. policies, especially the proposed tariffs, could disrupt the flow of Platinum Group Metals (PGMs) to the U.S. and/or affect consumer demand for vehicles. This group includes six elements: platinum, palladium, rhodium, ruthenium, iridium and osmium. These metals are highly valuable and have important applications in a variety of industries, including automotive, electronics and high tech. These concerns have driven some of the recent platinum flows into the U.S. and ultimately into NYMEX stocks, which is reflected in investment demand.

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