Supply-side pressure has historically supported price resilience. "I do think people need to really run the numbers, and there is a cost to complexity," Rossman says. Unlike gold, platinum's value is chiefly derived from its industrial applications. Approximately 40% of global platinum demand originates from the automotive sector, where it is essential for catalytic converters in internal combustion engine vehicles. Additionally, platinum is utilised in petroleum refining and medical devices and has potential applications in hydrogen fuel cell technologies, though the latter's impact on demand is currently modest due to slower-than-expected adoption rates. Analysts monitoring refining capacity in Japan and Europe expect capacity upgrades to lift platinum usage in industrial catalysts by at least 5% this year, reinforcing the thesis for strategically investing in platinum.
