Platinum’s Deficit Streak May Be Ending. Should Investors Still Care?

The World Platinum Investment Council’s 9 September Platinum Quarterly now forecasts a 265 koz surplus for 2026, reversing May’s 297 koz deficit — almost entirely because investment demand was cut by 601 koz. Mine supply is flat, recycling is up 8%, jewellery and automotive demand are down, and above-ground stocks still end the year at about 3.4 months of demand. What the swing does and does not say about whether platinum belongs in a portfolio.

Published September 9, 2026 · 13 min read

Key Takeaways

• WPIC’s 9 September Platinum Quarterly forecasts a 265 koz surplus for 2026 — the first since 2022 — reversing the 297 koz deficit forecast in May. Investment demand was revised down by 601 koz to a net outflow of 83 koz; that revision is almost the whole swing.
• Mine supply is flat at 5,551 koz. Recycling rises 8% to 1,802 koz and provides all of the supply growth. Total demand falls 18% to 7,089 koz: automotive −4%, jewellery −15% (China −55%), industrial +5%.
• The first half of 2026 recorded a 548 koz surplus as ETF holdings fell 534 koz and exchange stocks 65 koz. The second half is forecast to swing back to a 283 koz deficit — a forecast that assumes ETF buying of roughly 145 koz, not an inflow already recorded.
• Three years of deficits (2023–2025) drained about 3,338 koz from above-ground stocks; the 2026 surplus replaces about 8% of that. Year-end stocks of 2,010 koz equal about 3.4 months of demand, on WPIC’s definition that excludes ETF, exchange and working inventories.
• Platinum fell 24% in the first half of 2026 and 46% from the late-January high WPIC cites at US$2,875/oz; PPLT’s first-half NAV return was −22.9% against GLD’s −6.7%. A deficit is not a timing signal; a thin inventory cushion is not protection against a drawdown. In GoldSilverPortfolio’s framework platinum is a separate, optional question, not gold at a discount.

Only a few months ago platinum appeared headed for its fourth consecutive annual deficit. That is no longer the forecast. The World Platinum Investment Council’s Platinum Quarterly for the second quarter of 2026, published today, 9 September 2026, with supply-and-demand research prepared independently by Metals Focus, now projects a 265 koz surplus for 2026, reversing May’s forecast of a 297 koz deficit. It would be the first annual surplus since 2022. All quantities in this article are in thousands of troy ounces (koz) unless stated otherwise; prices are in US dollars per troy ounce; every 2026 figure is a forecast, and the historical figures are the September edition’s revised estimates. For the live price see our platinum spot page.

+265 koz Forecast platinum market surplus, 2026 — WPIC/Metals Focus, 9 September 2026. In May the same series forecast a 297 koz deficit. The revision is almost entirely a 601 koz cut to expected investment demand, now a net outflow of 83 koz. Total supply rises 2% to 7,353 koz; total demand falls 18% to 7,089 koz.

At first glance a surplus might suggest platinum’s supply problems have been solved. The report describes something more complicated: essentially unchanged mine supply, recovering recycling, weaker automotive and jewellery demand, and substantial selling out of investment holdings. Estimated inventories remain well below their level of a few years ago, and the second half of 2026 is still forecast to record a deficit. For investors that raises a more useful question than whether platinum is “in deficit”: what is changing beneath the headline, and does owning platinum serve a purpose in a portfolio?

What changed in the platinum outlook

The largest change since May is investment demand. Metals Focus reduced its full-year investment forecast by 601 koz, leaving expected net disinvestment of 83 koz for the year. The report’s own words: the revision “is almost entirely due to a 601 koz reduction in investment demand expectations.” Total demand for 2026 was revised from 7,674 koz in May to 7,089 koz now. The supply outlook was left where it was — “largely unchanged from the prior edition.”

Source: WPIC Platinum Quarterly Q2 2026, Table 1, prepared by Metals Focus. Mine supply is total mining supply after producer inventory changes. Independently rounded components may not sum exactly to the printed totals. The immediate takeaway is that the forecast has changed far more because of demand than because of new mine production.

It would also be misleading to describe the surplus as merely an accounting illusion. Investment selling releases physical metal, and weaker jewellery and automotive demand reduce the amount fabricators require. Metals Focus says the two together “now point to less market tightness than previously expected.” WPIC’s foreword makes the same point through the lease rate: the first-half outflows from ETFs and exchange stocks “materially contributed to the softening of lease rates,” which fell from over 10% to below 5% in the first half and were “currently stable around 2%” at the time of writing — while the same foreword still describes the underlying physical market as tight.

What a platinum deficit actually means

A market deficit does not mean platinum has disappeared from dealers, vaults or factories. In this report’s framework the balance compares mine supply plus recycling with automotive, jewellery, industrial and net investment demand. When demand exceeds supply the difference is met from existing stocks; when supply exceeds demand, stocks rebuild. Investment demand matters more than its size suggests because it can carry either sign.

When physically backed exchange-traded funds accumulate platinum, metal moves into investment holdings. When those holdings shrink, metal becomes available to other participants. The report captures both inside investment demand rather than treating liquidated metal as newly mined or recycled supply. That is why “industrial demand versus mine production” is not a complete market balance: recycling and changes in the ownership of existing metal matter too. It also explains why a deficit is not automatically a price forecast. The market still has to absorb changes in inventories, investor preferences and the price at which holders are willing to sell — the same point our silver deficit analysis made last week about a market that has run deficits for five years.

Investors helped turn the market around

During the first half of 2026 platinum ETF holdings fell by 534 koz — “over 500 koz or about 1/7th of total year-end 2025 holdings,” in WPIC’s words — while stocks held by exchanges declined by a further 65 koz. Positive bar-and-coin buying of 142 koz, plus 65 koz of Chinese large bars, offset part of that, but net investment demand for the half was still −392 koz. Those are substantial movements in a market whose annual demand is measured in seven to nine million ounces: WPIC calculates that the first-half ETF and exchange outflows were equivalent to 19% of six-month demand.

The resulting first-half surplus was 548 koz. Yet the report forecasts a 283 koz deficit in the second half, leaving the full-year surplus at 265 koz. The distinction between an observed first half and a forecast second half matters. The report expects investment demand to recover — Metals Focus puts it more narrowly, with North American and South African ETF holdings “expected to partially recover” — and the return to deficit is a forecast, not a record. The forecast also assumes more than an end to selling. The full-year ETF forecast is a net outflow of 389 koz; combined with the 534 koz already withdrawn by June, that implies roughly 145 koz of net ETF buying in the second half. That is our arithmetic on the report’s figures, not an inflow already recorded — although WPIC notes that June “marked the end of five consecutive months of net ETF redemptions, with July recording net growth in ETF holdings.”

There is another qualification. Weaker end-use demand also contributes to the less-tight outlook. Automotive, jewellery and industrial demand together total 7,172 koz for 2026, below forecast mine and recycling supply of 7,353 koz. Removing investment from the calculation does not reveal an underlying fabrication deficit this year. The balanced reading is therefore that investment flows explain most of the forecast revision, but the surplus should not be dismissed: it reflects a real easing of conditions, alongside supply constraints that have not gone away.

One surplus would not erase three years of depletion

The annual balance says how stocks change. The size of the remaining inventory cushion says something different: how much flexibility the market has when conditions change again. The September edition’s revised estimates for both are below.

The deficits of 2023 through 2025 total 3,338 koz. The forecast 2026 surplus would replace about 8% of that cumulative shortfall — our arithmetic on the report’s annual balances. That is why Metals Focus still describes inventories as “relatively constrained despite the return to surplus”: projected year-end stocks of 2,010 koz represent “around 3.4 months of global platinum demand,” which it says “leaves the market relatively sensitive to renewed supply disruptions or stronger-than-expected demand.”

Why higher prices have not produced a mining boom

Platinum’s mine supply remains highly concentrated. South Africa is forecast to produce 4,005 koz in 2026, about 72% of total mining supply of 5,551 koz by our arithmetic on the report’s figures. That agrees with the US Geological Survey estimate our Precious Metals Atlas carries for 2025 — 120 of about 170 tonnes, roughly 71% — from a different publisher and a different year. Concentration makes developments in a small number of mining districts and processing plants important to the whole market.

South African refined production rose 19% year on year in the first half, but Metals Focus attributes that mostly to “the recovery to full operations at Amandelbult following the flooding in 2025.” Full-year South African output is forecast to rise only 1%, with second-half volumes affected by Valterra Platinum “rescheduling processing maintenance from the first half into the second half in an effort to mitigate the impact of higher winter electricity tariffs.” The report also identifies practical limits on new production. At Platreef, commercial production from the first phase was deferred from a mid-year target to the fourth quarter, with the concentrator still batch-processing mostly lower-grade development ore in the second quarter. Zimbabwe’s output is forecast to fall 1% on lower grades at Unki; Russian output is projected to decline “as PGM content in ore sources falls”; North American production edges lower on reduced by-product output from nickel mining.

Higher prices are nevertheless changing producer behaviour. Metals Focus reports that year-on-year price gains have “materially improved mining economics and alleviated previous downside risks associated with margin pressure,” and that “some producers have restarted projects that were deferred during the previous period of lower PGM prices” — while adding that “additional supply is not expected to be realised in 2026.” Platinum supply can respond to price, but the response is neither immediate nor uniform. An investment thesis that assumes miners can rapidly flood the market is too simple. So is one that assumes higher prices will never encourage more production. Our June guide to platinum and palladium set out the geology behind that concentration; the update box at the top of it records what this report changes.

Recycling is responding — and it matters

Recycling provides all of the forecast growth in total platinum supply this year. Recycled supply is expected to rise 8% to 1,802 koz, with recovery from automotive catalysts up 15% to 1,422 koz, while jewellery scrap falls to 293 koz, “the lowest level in the series,” almost entirely because China’s exceptional 2025 destocking is not expected to repeat. Higher prices improve collection economics and prompt holders of stockpiled catalysts to release material; the first-half recovery, the report says, “principally” reflected “the price-led release of previously stockpiled material.”

The relationship between scrap volumes and recovered platinum is not one-for-one. Ageing vehicle fleets and “the release of previously held lower-grade and more difficult-to-process material, including silicon-carbide-based diesel filters, mean that the increase in recovered PGMs is lagging the growth in physical catalyst volumes.” Metals Focus expects growth across the major Western markets to moderate over the rest of the year. This is an important counterweight to a scarcity narrative: a commodity market can respond through secondary supply even when mines struggle to expand. For investors, recycling belongs in the analysis rather than in a footnote.

Platinum demand is changing, not moving in one direction

The demand picture is mixed. Automotive use is forecast to decline 4%, jewellery fabrication 15%, while industrial demand rises 5%. Before investment, the three end-use categories total 7,172 koz, and automotive plus industrial account for about 74% of that — the measure of how exposed platinum is to factories and vehicle plants.

Vehicles: hybrids complicate the electric-car story

Automotive applications remain platinum’s largest demand category at a forecast 2,904 koz. Battery-electric vehicles need no exhaust catalyst; hybrids still have combustion engines and still use one. The relevant question is therefore not how many vehicles are described as “electrified” but how production shifts between battery-only, hybrid and conventional engines. Metals Focus’s summary: “declining pure-ICE production outweighs growth in hybrids.” Global light-vehicle production is now projected to fall 1% in 2026 after GlobalData cut its forecast twice this year, with battery-electric output still expected to grow 14%.

• Europe: down 8% to 875 koz, as the shift away from pure-combustion vehicles continues and diesel output, with its higher platinum loading, declines.
• China: down 9% to 489 koz — “the largest downside risk to the automotive outlook,” with weaker domestic vehicle demand after changes to new-energy-vehicle incentives.
• Japan: down 11% to 258 koz as pure-combustion output falls faster than electrified output rises.
• North America: up 4% to 474 koz, “supported by growth in hybrids, larger gasoline vehicles and ICE HDVs,” after federal EV purchase incentives were withdrawn in the third quarter of 2025.
• Rest of the world: up about 1% to 807 koz, with India the principal source of growth.

Electrification remains a long-term risk to autocatalyst demand. It is not a uniform or immediate disappearance of that market, and the report describes the impact as “increasingly differentiated by region.”

Jewellery: a discount to gold does not guarantee demand

China illustrates a weakness in the simplest bullish argument. Platinum is far cheaper than gold, yet Chinese platinum jewellery fabrication is forecast to fall 55% in 2026 to 262 koz — a deeper fall than the 43% forecast in May. The report cites “continued weakness in consumer demand, ongoing inventory adjustment and the supply chain’s renewed focus on gold jewellery.” India is forecast down 6% and Japan down 15%. Europe and North America are the exceptions: European fabrication is expected to keep growing and North American fabrication to rise 6%, supported by bridal demand and “platinum’s still-substantial discount to gold.” Relative price matters, but so do consumer preferences, product availability and the willingness of manufacturers and retailers to carry inventory. “Cheaper than gold” is not sufficient on its own.

AI and hydrogen: identifiable applications, uncertain scale

Artificial intelligence is becoming relevant through identifiable industrial uses rather than by association with a fashionable theme. WPIC’s foreword lists them: platinum “is used directly in hard disk drives, in the manufacturing of advanced chips and, indirectly, in the production of the low dielectric woven glass used for printed circuit boards.” Metals Focus forecasts electrical demand up 19% to 118 koz and glass demand up 23% to 528 koz. Those figures cover the whole electrical and glass categories, not AI demand alone, and together they are about 9% of 2026 demand. AI-related growth is worth monitoring, but the report does not establish that it will replace any future loss of automotive demand.

Hydrogen requires similar restraint. The “hydrogen stationary and other” category is forecast at 77 koz, up 8% — roughly 1% of total demand — with momentum the report calls “uneven” and “more measured” than in previous years. The category does not capture every hydrogen-related use, but it shows why hydrogen remains a developing opportunity rather than the explanation for today’s market balance.

Price performance: a strong thesis can still produce a difficult holding period

Platinum’s recent price history is a warning against confusing a long-term argument with a low-risk investment. By WPIC’s account platinum rose 127% over 2025 — on the LBMA PM year-end basis the platinum fund’s own filings use, 122% — in a year when gold also had an exceptional run: the World Gold Council puts gold’s US-dollar gain at 67%. Platinum then went on to a new high in late January 2026, which WPIC’s foreword puts at US$2,875/oz on its own basis, before the first half brought a sharp reversal. The same foreword records a 24% decline over the six months to June and a fall of 46% from that January high.

−46% Platinum, late-January 2026 high to 30 June 2026 — WPIC. From a year-to-date high WPIC puts at US$2,875/oz; the price basis is not stated, and Reuters recorded a spot record of $2,918.80 on 26 January. The first-half decline from the end of 2025 was 24% on WPIC’s figures and 22.7% on the LBMA PM price. All are the foreword’s own figures, not Metals Focus estimates.

For a clearly dated comparison using physically backed funds, the table shows US-dollar net-asset-value returns for the six months to 30 June 2026. These are fund returns after expenses — not spot-metal returns, and not returns to today. They illustrate the same six-month holding period in each metal; neither fund is a recommendation.

Source: the funds’ own reported net-asset-value returns for 1 January to 30 June 2026 (PPLT −22.92%, GLD −6.73%). PPLT tracks the LBMA PM platinum price, which fell from $2,027.00 to $1,567.00 over the half, a 22.7% decline; WPIC’s 24% is on a different, unstated basis.

The report attributes much of the weakness to the macroeconomic backdrop: the conflict between the United States and Iran and the restrictions on shipping through the Strait of Hormuz “materially elevated energy prices,” lifting inflation expectations, so that “forward looking interest rate expectations have risen, which has weighed on investor appetite for non-yielding assets such as precious metals.” Investor liquidation then increased platinum availability and, in WPIC’s words, “materially contributed to the softening of lease rates.” We covered the same backdrop for gold as it happened, in July’s Fed and Hormuz analysis. None of this proves that one factor caused every price move. It does show why a supply-and-demand argument has to sit alongside monetary conditions and investor behaviour. A deficit is not a timing signal. A depleted inventory cushion is not protection against a large drawdown.

Gold and platinum perform different portfolio jobs

Gold’s investment case does not depend primarily on factories consuming more of it. Its role includes official reserves, investment demand and portfolio diversification. Central banks bought a net 289 tonnes of gold in the second quarter of 2026 — “a record high for a second quarter” in the World Gold Council’s words — as our 5 September analysis of where they hold it described; technology took about 80 tonnes, roughly 6% of the quarter’s 1,269 tonnes of total demand including over-the-counter activity, by our arithmetic. Platinum is far more exposed to industrial activity: automotive and industrial uses are about 74% of its forecast non-investment demand this year, by our arithmetic on the report’s categories. That difference matters to the reason for owning each metal.

GoldSilverPortfolio views gold as the stronger starting point for a strategic precious-metals allocation. Its established reserve role and the diversification case the World Gold Council documents support that view, although neither implies that gold always rises in a crisis or cannot fall substantially — June’s drop below $4,000 was a reminder. Platinum involves a more specific thesis: constrained supply, the evolution of industrial demand, changes in inventories and the willingness of investors to hold the metal. It should not be treated as “gold at a discount.” A lower price per ounce does not establish fair value, and historical price relationships do not oblige the two metals to return to parity; our gold versus platinum comparison sets out how long the discount has persisted.

Nor should a second metal automatically be counted as independent diversification. WPIC’s foreword says platinum “appears to be acting as a high-beta gold proxy” because physical markets appear tight after three years of deficits, and that “Gold unequivocally leads the debasement trade, but platinum offers a higher-beta alternative.” That is WPIC’s assessment of a particular period, not a permanent relationship or a guarantee of portfolio benefit, and it comes from the body whose purpose is to develop platinum investment demand. Our recession guide has made the same point from the other direction: platinum and palladium should not be sized as recession hedges.

Where could platinum fit?

Our portfolio framework begins with the investor’s objectives rather than with a requirement to own every precious metal. GoldSilverPortfolio’s education material uses illustrative strategic precious-metals allocations of 5%, 10%, 15% and 20%, depending on circumstances, risk tolerance and strategy — the scenarios in our core-allocation guide. That is an overall framework, not a recommendation to allocate any of it to platinum. Within it the emphasis remains gold first, then silver. Platinum can be an optional, smaller holding for someone who deliberately wants its additional industrial exposure and its supply-demand risks, or it can be treated separately as a higher-risk position. There is no obligation to add it and no fixed allocation that suits everyone.

Position size makes the distinction practical. A hypothetical platinum position equal to 1% of a portfolio would subtract about 0.4 percentage points from total portfolio return if it fell 40%, everything else unchanged. A 5% position suffering the same decline would subtract about 2 percentage points. These are illustrations of arithmetic, not proposed allocations or forecasts.

The form of exposure matters too. Physical metal, a physically backed fund and a mining company are not interchangeable — the trade-offs we set out for physical gold versus gold ETFs apply here with thinner markets and higher premiums. A physically backed fund such as PPLT seeks to track the platinum price less the trust’s expenses, and its own documentation identifies custody and other trust-structure risks. Owning a producer introduces a different question: whether the business can translate metal prices into returns for shareholders. In our framework, mining equities and other speculative metal-related businesses are assessed within an investor’s broader risk allocation, not counted as equivalent to a bullion core. The central question is whether platinum adds an exposure an investor deliberately wants, at a size they can tolerate, rather than a story they find persuasive.

What would strengthen or weaken the case?

The most useful developments to monitor are the ones that test the forecast’s assumptions. A sustained recovery in investment holdings, continued industrial growth and mine supply that stays hard to expand would strengthen the argument for renewed tightness. Continued ETF liquidation, weaker vehicle and jewellery demand, or a larger recycling response would weaken it. Those are the principal moving parts the September report identifies. The inventory trajectory matters as well: a modest rebuilding year is different from a sequence of surpluses that restores a large cushion. Investors should also watch whether announced projects become production — improved producer finances support investment, but a restart announcement is not an ounce of refined metal reaching the market. Most importantly, the expected second-half deficit needs to be tested against subsequent data; WPIC publishes its first 2027 forecasts in November.

So, should investors still care?

Yes — but understanding platinum does not require owning it. The September report weakens the simple argument that platinum must rise because it is heading into a fourth consecutive deficit; that is no longer the forecast. It does not remove every reason to pay attention. Mine supply is essentially flat, production is concentrated, and the projected inventory recovery is modest relative to the depletion of the preceding three years. At the same time, weaker demand and investment liquidation have shown that tightness can ease without a mining boom.

For some investors that combination may justify a small, deliberately chosen exposure. For others a gold-led precious-metals allocation already does the job they intended. The durable lesson is not that platinum is certain to rise, nor that a surplus makes it uninvestable. A deficit is not an automatic buy signal and a surplus is not an automatic sell signal. The decision depends on what drives the balance, what is already reflected in the price, and what job the holding is meant to perform. For a second, independent set of PGM estimates against which to read WPIC’s, Jeffrey Christian of CPM Group publishes an annual Platinum Group Metals Yearbook, and our Learning section on platinum and palladium covers the basics.

Sources and Methodology

The platinum supply, demand, balance and inventory figures come from the World Platinum Investment Council’s Platinum Quarterly Q2 2026, published 9 September 2026: the summary table on page 5, the second-quarter review on pages 6–11 (the Platreef and Amandelbult detail), the 2026 outlook on pages 12–18 and the annual and half-yearly tables on pages 19–21. Full-year 2026 figures are forecasts. Percentages of mine supply, the 7,172 koz end-use total and its 74% automotive-plus-industrial share, the 3,338 koz cumulative deficit and the 8% replacement ratio, and the roughly 145 koz implied second-half ETF inflow are our arithmetic on the report’s printed figures and are labelled as such where they appear. The report’s series is revised each quarter; the historical figures here are the September vintage, which differs from the March vintage quoted in our 10 September four-metals guide. Gold figures are the World Gold Council’s Gold Demand Trends for the second quarter of 2026. Fund returns are the issuers’ reported net-asset-value returns for 1 January to 30 June 2026, after expenses; we have not carried forward any later year-to-date estimate because we could not reconcile those to a single pricing basis.

Conflicts of interest, stated plainly. The World Platinum Investment Council was established in 2014 by the leading South African platinum producers to develop investment demand for platinum; its foreword and its investment interpretation — including the “high-beta gold proxy” characterisation and the price discussion — are WPIC’s own, and should be distinguished from the market data and commentary from page 5 onward, which are prepared independently for it by Metals Focus. The World Gold Council is a membership body funded by gold-mining companies and is affiliated with Metals Focus. abrdn (trading as Aberdeen Investments) and State Street earn fees on the funds whose returns are quoted; neither fund is recommended. GoldSilverPortfolio’s portfolio discussion is our editorial interpretation, not a conclusion prescribed by any of these sources; the site’s founder holds platinum and palladium amounting to less than 1% of his own portfolio.

Primary sources

• World Platinum Investment Council — Platinum Quarterly Q2 2026, 9 September 2026 (data and commentary by Metals Focus): 2026 forecast supply 7,353 koz (mine 5,551 koz, recycling 1,802 koz), demand 7,089 koz (automotive 2,904 koz, jewellery 1,883 koz, industrial 2,385 koz, investment −83 koz), balance +265 koz; May’s forecast of a 297 koz deficit and 7,674 koz of demand; H1 2026 surplus 548 koz, H2 2026 forecast deficit 283 koz; H1 ETF outflow 534 koz, exchange-stock outflow 65 koz, net investment −392 koz; annual balances 2022–2025 of +905, −802, −1,096 and −1,440 koz; above-ground stocks 5,084, 4,281, 3,186, 1,745 and 2,010 koz for 2022–2026F; the definition of above-ground stocks; South Africa 4,005 koz; regional automotive, jewellery, recycling and industrial forecasts quoted above
• World Platinum Investment Council — Platinum Quarterly Q2 2026, foreword (pages 1–4, WPIC’s own): platinum down 24% in H1 2026 and 46% from the late-January 2026 high of about US$2,875/oz; lease rates from over 10% to below 5%, then about 2%; the “high-beta gold proxy” characterisation; the macroeconomic attribution; June as the end of five months of ETF redemptions
• World Platinum Investment Council — Platinum Quarterly Q1 2026, 18 May 2026: the 297 koz deficit and 7,674 koz of total demand then forecast for 2026, with investment demand of 519 koz
• World Platinum Investment Council — Platinum Essentials, January 2026 (updated 13 March 2026): “The platinum price increased by 127% in 2025”; Reuters, via Kitco, 11 February 2026, independently gives 127%, and Reuters recorded a spot record of $2,918.80/oz on 26 January 2026
• World Gold Council — Gold Market Commentary, 8 January 2026: gold’s full-year 2025 return of 67% (LBMA Gold Price PM, US dollars, closing the year at US$4,368/oz); repeated in Gold Demand Trends: Q4 and Full Year 2025, 29 January 2026
• World Gold Council — Gold Demand Trends: Q2 2026, 30 July 2026: central banks and other institutions 288.9 tonnes, “a record high for a second quarter”; technology 80.4 tonnes; total demand including OTC 1,268.9 tonnes
• World Gold Council — Gold as a strategic asset: 2026 edition, 4 February 2026: the diversification case referred to above
• abrdn Platinum ETF Trust — Form 10-Q for the quarter ended 30 June 2026, filed 7 August 2026: six-month NAV return of −22.92% for the abrdn Physical Platinum Shares ETF (PPLT), and LBMA PM platinum of $2,027.00 at 31 December 2025 and $1,567.00 at 30 June 2026; Form 10-K for 2025 and the prospectus: the objective to reflect the platinum price less expenses and the custody and trust-structure risk factors
• State Street Global Advisors — SPDR Gold Shares (GLD) quarter-end performance as at 30 June 2026: year-to-date NAV return of −6.73%
• United States Geological Survey — Mineral Commodity Summaries 2026, Platinum-Group Metals, February 2026: South Africa 120 of about 170 tonnes of world platinum mine production in 2025