NYMEX platinum futures posted a 32.12% acquire in Q2 and had been 49.22% larger over the primary six months of 2025. After years of lagging gold, platinum posted probably the most vital acquire within the valuable metals sector and the commodities asset class in Q2 and the primary half of 2025.
I concluded my Q2 Barchart report on valuable metals with:
Silver, platinum, and palladium fashioned highly effective bullish formations in Q2, with every metallic falling under its Q1 low and shutting the quarter above the earlier quarter’s peak. The bullish key reversal patterns may point out that the bullish development within the valuable and industrial metals will proceed over the approaching months and quarters, as silver, platinum, and palladium meet up with gold.
Platinum closed Q2 at $1,334 per ounce on the close by NYMEX futures contract. The value continued to understand in July 2025.
In Q2 2025, NYMEX platinum futures fell to a barely decrease low than in Q1 2025 earlier than closing the second quarter above the primary quarter’s excessive, forming a bullish key reversal on the long-term chart.
The quarterly steady futures chart highlights platinum’s bullish technical worth motion that brought on the uncommon valuable metallic to maneuver considerably above the $1,000 pivot level that had dominated worth motion from 2015 by way of Q1 2025. In early Q3, platinum futures continued their ascent, rising to over $1,500 per ounce, the very best worth since Q3 2014. Close by platinum futures had been across the $1,425 stage on July 28.
Platinum futures are closing on the following technical resistance stage on the Q3 2014 excessive.
The month-to-month steady contract chart illustrates that platinum’s subsequent upside goal is $1,523.80 per ounce, the excessive from July 2014. Above there, the February 2013 excessive of $1,774.50, the August 2011 excessive of $1,918.50, and the March 2008 file peak of $2,308.80 are technical resistance ranges and upside targets.
In March 2008, when platinum reached its file $2,308.80 excessive, gold’s peak was $1,033.90 per ounce. Platinum commanded a virtually $1,275 premium over gold. Platinum is a rarer valuable metallic, with roughly 170 tons of annual manufacturing. Most platinum output comes from South Africa and Russia. In South Africa, manufacturing is major, whereas in Russia, platinum is a byproduct of nickel manufacturing in Siberia’s Norilsk area.
Annual gold manufacturing is roughly 3,600 tons. Whereas China and Russia lead the world in gold output, Australia, Canada, the USA, Kazakhstan, Mexico, Indonesia, South Africa, Uzbekistan, Peru, and lots of different international locations are main gold producers, making gold output much more ubiquitous than platinum manufacturing.
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In the meantime, in 2008 and for a few years prior, platinum traded at a premium to gold, incomes it the nickname “wealthy individual’s gold.” Nonetheless, since 2008, platinum’s worth took a backseat to gold because the golden bull has taken the yellow valuable metallic to a collection of upper file highs, resulting in the most recent 2025 peak on the $3,500 per ounce stage.
As highlights, annual output of 170 metric tons of platinum in comparison with roughly 3,600 tons of gold makes platinum a far much less liquid market. Furthermore, the information from the futures area highlights platinum’s illiquidity in comparison with gold. Open curiosity is the entire variety of open lengthy and brief positions in a futures market. Whereas gold trades on the CME’s COMEX division, platinum futures commerce on the CME’s NYMEX division. A gold futures contract accommodates 100 ounces of gold, whereas a platinum futures contract accommodates 50 ounces of platinum.
As of July 25, 2025:
COMEX gold futures open curiosity was 466,174 contracts or 46,617,400 ounces. At $3,310 per ounce, the entire worth was over $154.304 billion.
NYMEX platinum open curiosity was 88,775 or 4,438,750 ounces. At $1,425 per ounce, the entire worth was $6.325 billion.
The platinum market is way smaller than the gold market. Decrease liquidity typically results in larger volatility. In platinum’s case, a herd of shopping for can exacerbate worth motion as we now have seen over the primary half of 2025, with platinum’s over 29% acquire. On the present worth, platinum may have an extended strategy to go on the upside earlier than difficult the 2008 all-time excessive of $2,308.80 per ounce.
Essentially the most direct route for an funding or buying and selling place in platinum is the bodily marketplace for bars and cash. Platinum futures on the CME’s NYMEX division are a secondary route, as they provide a bodily supply mechanism. Two of the devoted ETF merchandise that maintain bodily platinum, commerce on the NYSE Arca, and monitor the metallic’s worth motion are:
The Aberdeen Bodily Platinum ETF (PPLT) is probably the most liquid platinum ETF product. At $127.05 per share, PPLT had over $1.663 billion in property. PPLT trades a mean of almost 398,000 shares every day and expenses a 0.60% administration payment.
The GraniteShares Platinum Shares ETF (PLTM) offers publicity to platinum. At $13.45 per share, PLTM had over $89.288 million in property. PPLT trades a mean of almost 450,000 shares every day and expenses a 0.50% administration payment.
Platinum stays in a bullish development, with loads of upside room earlier than it approaches the 2008 all-time excessive. Given gold’s ascent over the previous years and platinum’s liquidity constraints, platinum may head again to its former place as “wealthy individual’s gold.”
On the date of publication, Andrew Hecht didn’t have (both instantly or not directly) positions in any of the securities talked about on this article. All info and knowledge on this article is solely for informational functions. This text was initially printed on Barchart.com
