Evolution of platinum (10 years)
Deciphering the fall of platinum against gold over the last decade.
The trajectory of platinum over 10 years (2015–2025) is that of a metal in the middle of a structural repositioning — and a historical opportunity for patient investors.
2015–2016: Platinum begins to detach from gold. The Volkswagen scandal (dieselgate, September 2015) collapses European diesel catalytic demand, platinum's main automotive market.
2017–2019: Stabilization between 800 and 1,000 USD/oz. Analysts anticipate a recovery that doesn't come. The diesel industry continues its regulatory decline (Euro 6 standards, mass dieselgate lawsuits).
2020: COVID crash to 558 USD, followed by a violent rebound to 1,300 USD (+133%) carried by industrial recovery and hydrogen hopes.
2021–2023: Disappointment: the market realizes that hydrogen deployment is much slower than expected. Platinum returns to 850–1,000 USD/oz. Gold, meanwhile, rises to 2,000+ USD.
2024–2025: The platinum/gold ratio reaches historical floors (0.33–0.38). Value investors begin to take interest. WPIC signals cascading refinery deficits. WisdomTree Physical Platinum ETP sees positive net inflows for the first time since 2021.