Platinum Price Analysis
Platinum: $1,544 per troy oz. One month -10.3%, one year -2.1%. Against its inflation-adjusted average since 1997: +2.9%; higher than 64% of month-ends in today's dollars.
Analysis
Platinum last traded at $1,555.80 per troy ounce on 23 October 2026, down 10.9% over the past month. It sits near the bottom of its one-year range of $1,506.20 to $2,852.40, at 3.7% of that band, and at 36.7% of its five-year range and 42.5% of its ten-year range. Adjusted for inflation, it is 3.6% above its long-run average but about 54% below its February 2008 peak.
The gold-to-platinum ratio stands at 2.58 ounces of platinum per ounce of gold, compared with a long-run average of 1.23. Over the last 120 months, platinum has tended to fall in months when 10-year real interest rates rose (correlation -0.20) and to rise in months when 10-year inflation expectations rose (correlation +0.19), both modest links. Supply is concentrated, with South Africa providing most mine output, and demand comes mainly from diesel-engine catalytic converters and jewelry. Watched factors include South African power and mining disruptions, diesel car sales and palladium substitution.
Of the 38 stocks linked to this market, 23 have model fair values, and 17 of those trade below them, with a median gap of 4.3% below model fair value. The most closely linked include Sibanye Gold ADR (correlation 0.67), Pan American Silver (0.65, 0.3% below model fair value), Hycroft Mining (0.64), Fortuna Silver Mines (0.62, 57.5% below model fair value), Hecla Mining (0.62, 7.2% above model fair value) and Coeur Mining (0.61, 8.3% below model fair value).
Where the price sits
| Period | Low | Average | High | Position |
|---|---|---|---|---|
| 1 year | $1,506 | $1,880 | $2,852 | 3% |
| 5 years | $804.00 | $1,181 | $2,852 | 36% |
| 10 years | $595.90 | $1,056 | $2,852 | 42% |
| Since 1997 | $336.40 | $1,039 | $2,852 | 48% |
Ratios
- Gold / Platinum is 2.62 ounces of platinum per ounce of gold, near the top of its range since 2000 (higher than 97% of month-ends; average 1.23).
What moves platinum
Demand: Diesel-engine catalytic converters; Jewelry; Chemical, glass and oil-refining catalysts; Hydrogen fuel cells and electrolysers (small but growing).
Supply: Highly concentrated: South Africa supplies most mine output, Russia and Zimbabwe most of the rest; Recycled autocatalysts.
Worth watching: South African power and mining disruptions; Diesel car sales; Substitution with palladium.
Over the last 120 months, prices have tended to fall in months when the 10-year real interest rate rose — a modest link (correlation -0.20).
Over the last 120 months, prices have tended to rise in months when the 10-year inflation expectations rose — a modest link (correlation +0.19).
Stocks that move with platinum
| Company | Correlation | Price | Model fair value | Gap |
|---|---|---|---|---|
| SBSW Sibanye Gold Ltd ADR | 0.67 | $9.41 | Not published | — |
| PAAS Pan American Silver Corp. | 0.65 | $41.95 | $42.80 | +2.0% |
| HYMC Hycroft Mining Holding Corporation | 0.64 | $17.44 | Not published | — |
| FSM Fortuna Silver Mines Inc | 0.62 | $9.65 | $15.78 | +63.5% |
| HL Hecla Mining Company | 0.62 | $14.92 | $13.84 | -7.2% |
| CDE Coeur Mining Inc | 0.61 | $14.42 | $13.20 | -8.5% |
| MUX McEwen Mining Inc. | 0.59 | $15.65 | $16.33 | +4.3% |
| SA Seabridge Gold Inc. | 0.58 | $26.70 | Not published | — |
| IAG IAMGold Corporation | 0.58 | $17.28 | $23.36 | +35.2% |
| CGAU Centerra Gold Inc | 0.58 | $21.18 | $24.32 | +14.8% |
| AEM Agnico Eagle Mines Limited | 0.57 | $183.11 | $170.91 | -6.7% |
| KGC Kinross Gold Corporation | 0.57 | $22.98 | $28.44 | +23.8% |
Questions and answers
Is platinum expensive compared with its history?
Platinum at $1,544 per troy oz is 3% above its inflation-adjusted average since 1997 and sits 42% of the way from its 10-year low to its 10-year high. Data as of 2026-10-28. Historical comparison only, not a forecast or investment advice.
How does today's platinum price compare after inflation?
In today's dollars, platinum is 2.9% above its inflation-adjusted average since 1997, higher than 64% of month-ends since then. Data as of 2026-10-28.
Where is platinum within its 10-year range?
At $1,544, platinum sits at 42% of its 10-year range (low $595.90, high $2,852), where 0% is the low and 100% the high. Data as of 2026-10-28.
Which stocks move with platinum?
Over the last 104 weeks, the covered stocks whose weekly returns moved most closely with platinum include SBSW (correlation 0.67), PAAS (correlation 0.65), HYMC (correlation 0.64). Correlation describes past co-movement only.