Platinum and Palladium: The Forgotten PGMs
Autocatalyst demand is falling with EV adoption — but supply is falling faster. A quiet setup in the platinum group.
Platinum and palladium have spent three years out of the spotlight. Under the surface, the market has quietly tightened. This report walks through the setup.
The demand story
Autocatalyst demand is in secular decline as internal combustion share falls. That is well understood and priced.
The under-appreciated supply story
South African production has been in structural decline for over a decade. Russian palladium supply carries persistent geopolitical risk. Both metals have moved into deficit despite the demand headwind.
The wildcard
Hydrogen fuel-cell adoption is a genuine but slow-building source of platinum demand. It does not need to hit forecasts to move the market — it just needs to arrive.
Precious metals correspondent covering gold, silver, and platinum group markets.
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