Platinum Breaks Out as Decade-Long Range Ends

Platinum's price has broken out of its decade-long range after a sharp rally in May 2025, according to Edward Sterck, Director of Research at the World Platinum Investment Council (WPIC). The initial catalyst for this rally was supply and demand, with platinum experiencing significant deficits for three consecutive years.

By mid-2026, another force took over: a broad precious-metals rally led by gold. This 'de-dollarization' or 'sell America' trade reflected growing demand for hard assets with value independent of the U.S. dollar, causing investors to move into silver, platinum, palladium, and even copper.

However, conflict in the Middle East has altered the macroeconomic environment for precious metals. Higher oil prices increased inflation expectations, supporting the dollar and weighing on dollar-denominated commodity prices.