Connect with us

Hi, what are you looking for?


Plummeting Platinum: WPIC Upscales 2024 Deficit Estimates to a Shocking 476,000 Ounces!

The World Platinum Investment Council (WPIC) has revised the predicted platinum deficit for the year 2024 upward, now stating an estimated shortfall of 4,76,000 ounces – an increase from their earlier prediction. This alarming data follows the scrutiny of platinum supply, demand, and the effects of various market activities.

One of the key contributing factors to this escalated prediction is the anticipated surge in the demand for platinum which is largely driven by automotive industry requirements. This platinum requirement in the automotive industry comes in part for the production of autocatalysts, a device that reduces harmful gas emissions. With an increasing focus on environmental sustainability and curbing climate change, regulations imposing stricter emissions standards are being implemented globally. These conditions are pushing the automotive industry to invest more in platinum-based autocatalysts, further increasing the demand for the precious metal.

Besides the use in autocatalysts, platinum is also essential in other industrial applications including medical equipment, electronic devices, and jewelry, among other things. Likewise, the economic recovery across the globe resulting from the easing of pandemic-related restrictions is increasing industrial activities. This global revival has further fueled the demand for platinum in different sectors.

While the demand side paints a picture of increased platinum requirement, the supply side illustrates a contrasting scene. Platinum mining, the primary source of the metal, has struggled in recent years due to operability issues and economic instability in key producing nations. South Africa, which accounts for nearly 75% of the global platinum supply, has experienced multiple setbacks including energy insecurity, labor unrest, and declining ore grades- all leading to lower production levels.

Moreover, the recycling of platinum, a significant supplementary source, is predicted to drop as well. This decrease is attributed to lower amounts of platinum in autocatalysts of scrapped vehicles, due to a historical shift towards using palladium in these devices.

In addition, the investment demand for platinum, driven by products like exchange-traded funds (ETFs) backed by physical platinum, is another rising factor in the market dynamics. With investors looking for alternative assets amid economic uncertainties, platinum ETFs have seen an upward trend contributing to the further tightening of platinum availability.

The revised 2024 platinum deficit projection from WPIC is crucial as it reveals the growing gap between demand and supply. It highlights the urgency for industrial sectors to explore alternatives or improve resource efficiency to meet the escalating demand against dwindling supply. This predicament also underlines the necessity for enhanced efforts towards platinum exploration and increased investment in platinum mining.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Getchell Gold Corp, a junior miner exploring gold mining in Nevada, has just initiated trading on the Frankfurt Exchange under the symbol GGA1. Getchell...

    Latest News

    France has announced the release of François Santoni, a French official that had been held by Niger security forces since July 7. The French...


    With government issues, i.e. bonds, it is essential to consider the “long term trend” in order to get the most benefit and create wealth...


    Exploration results from the latest Bigfoot Drilling Program at the Tatiggaq Project in Canada’s Thelon Basin, Yukon-Northwest Territories region have demonstrated that the uranium...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023