WPIC – Platinum Perspectives, Apr 2025
Summary
The main theme of the report concerns the impact of tariffs introduced by the US on the global economy and platinum demand.
Key findings include: The introduction of broad US tariffs could lead to a recession or a slowdown in global GDP growth. Despite potential risks of reduced platinum demand, structural changes such as the substitution of palladium with platinum in catalytic converters may mitigate these risks. The platinum deficit in 2025 is projected to be 848,000 ounces despite reduced demand. Global GDP growth in 2025 is expected to be 2.3%, down from the December 2024 forecast of 2.6%. Approximately 90% of annual platinum demand is linked to the automotive, jewelry, and other industrial sectors.
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