World Platinum Investment Council – Platinum Essentials, Oct 2024

The October 2024 edition of "Platinum Essentials" by the World Platinum Investment Council (WPIC) introduces a Platinum Price Attribution Model to elucidate the factors influencing platinum market value. The report addresses the question of why platinum prices have not responded to recent market deficits. Through multiple regression analysis, WPIC identifies three categories of price-influencing factors: fundamental (demand-linked), market-economic (interest rates, gold price, exchange rates), and sentiment (futures positioning). The analysis reveals that since 2011, market-economic and sentiment factors have had a greater impact on platinum prices than supply-demand fundamentals. However, with anticipated deep market deficits, the model suggests that supply-demand fundamentals are likely to become the primary drivers of platinum market value in the near future.