Alex Bobrov
⬤ Platinum has been climbing lately, but when you zoom out and compare it to gold over the past few decades, the picture tells a different story. XPT still trades way below XAU, and that gap has been stuck there since the early 2010s. Even with the recent price jump, platinum is nowhere near catching up to gold's levels.
⬤ Go back before 2011, and platinum was almost always more expensive than gold. During the commodity boom in the mid-2000s, that premium got massive—platinum hit nearly three times the price of gold in 2008. Back then, carmakers were buying tons of it for catalytic converters, and supply couldn't keep up with demand.
⬤ Everything flipped after the financial crisis. Platinum demand cooled off while gold took off as the go-to safe-haven asset. Since then, gold has been on a steady climb, and platinum just hasn't kept pace. Right now, platinum is trading at roughly half the price of gold—a huge shift from how these metals used to relate to each other.
⬤ This massive valuation gap isn't just a blip—it's structural. The chart makes it clear: gold broke out to new highs while platinum stayed behind, even with renewed investor interest. Whether platinum can ever get back to trading above gold is anyone's guess, but one thing's certain—this pricing relationship is historically unusual and shows just how much the market's perception of these two metals has changed.
Alex Bobrov
