2025 was a blockbuster year for precious metals, with gold smashing past $4,000 per ounce on safe-haven buying and central bank hoarding, silver and platinum each rocketing over 50%, and palladium posting solid gains that crushed most global equities. Looking forward to 2026, the momentum in precious metals is expected to continue, with analysts forecasting gold above $4,400 and potentially to $5,000, silver pushing toward $65 amid industrial surges, and ongoing supply deficits fueling the rally across the board.
However, what truly stands out as the most compelling precious metal story for 2026 is platinum. The metal is staring down a significant supply crunch that’s bound to shape its price trajectory well into the year. Mines across Southern Africa and North America, which produce the bulk of the world’s platinum, are facing declining output, while recycling efforts and aboveground inventories simply can’t keep pace with rising demand. This has set the stage for what many analysts are calling a looming platinum shortage unlike anything we’ve seen in years.
Forecasts are bullish. Analysts from leading banks and research firms expect platinum prices to climb to around $1,670 per ounce next year, with some even projecting new all-time highs as physical shortages tighten further. Standard Chartered’s Suki Cooper recently stressed that “platinum prices will reach new highs, remaining significantly undersupplied in 2026,” pointing to structural underinvestment and shrinking mine supply as key drivers. This isn’t just speculation; it’s a market grappling with fundamental imbalances.
With industrial demand surging—in automotive catalytic converters, hydrogen fuel technologies, and beyond—platinum’s role is only expanding. Investors who position themselves now could potentially ride a highly profitable wave as this metal takes center stage. Let’s dive into three practical ways to join the platinum trade and benefit from what looks to be its breakout year.
abrdn Physical Platinum Shares ETF (PPLT)
This ETF is one of the simplest and most cost-effective ways to get direct exposure to platinum’s price moves without the hassle of dealing with futures contracts or storage logistics. PPLT has already delivered strong returns in 2025, with nearly a 50% gain for the year-to-date through August. That kind of performance tells you platinum’s tight market isn’t just talk—it’s real.
Looking to 2026, analysts expect that supply gaps caused by mine production declines—especially from South Africa—and steady industrial demand will keep driving prices higher. For those who want to keep it simple while riding the platinum wave, PPLT is arguably your best bet. Its liquidity and low expense ratio make it ideal for anyone wanting to add platinum to their portfolio without complexity.
Sibanye Stillwater (SBSW)
Now, if you’re comfortable with a bit more risk and want added leverage to platinum’s rally, look no further than Sibanye Stillwater. This company is one of the world’s largest platinum producers, with a strategic mix of assets both in Southern Africa and the US. Sibanye trades attractively after its rebound and offers a powerful play on the tightening platinum market.
Don’t overlook its diversified revenue streams, which include gold and even uranium, providing some cushion against platinum’s volatility. Plus, geopolitical shifts away from Russian supplies have put producers like Sibanye in a prime position. If platinum prices rise as expected, Sibanye’s margins and share price could see significant appreciation. For investors looking to amplify their exposure, SBSW is a solid pick.
A Simple Call Option on PPLT
Options might sound intimidating, but they can also be a savvy way to tap into platinum’s upside without committing large amounts of capital. For instance, buying a call option on PPLT with a strike around $120 expiring in early 2027 could let you participate in a platinum price surge with limited risk—your maximum loss is the premium paid.
If platinum closes above the strike price, you could see impressive gains on a relatively small upfront investment. This strategy is excellent for those who want to play the supply shortage story but prefer keeping cash reserved. Just remember, options require some patience and understanding of market moves, so start small and only risk what you can afford to lose.
Platinum’s combination of industrial demand, shrinking supplies, and bullish price forecasts make it a compelling play for 2026. Whether you choose the straightforward approach with PPLT, the stock leverage of Sibanye, or a simple options position, now’s the time to put platinum on your radar. As with all investing, do your homework, understand your risk tolerance, and consider how this metal fits within your broader portfolio goals.
