Is platinum rarer than gold?
Geological and economic data on the relative rarity of precious metals.
Platinum is about 15 to 30 times rarer than gold in the earth's crust. Its natural concentration is 0.005 parts per billion (ppb) vs 0.004 ppb for gold — similar figures, so geological rarity is comparable. The true rarity of platinum is economic: its annual production is 5 times lower than that of gold.
World Production: In 2024, mining production of platinum is ~180 tonnes/year. That of gold is ~3,500 tonnes/year. Yet, platinum is cheaper — because demand for gold as a store of value is disproportionately stronger.
South African Concentration: The Bushveld Igneous Complex (BIC) concentrates 75–80% of proven world platinum reserves. This concentration is extraordinary — no other platinum group metal (PGM) is so geographically concentrated.
Price Anomaly: Platinum should theoretically trade above gold due to its higher industrial rarity. The post-2014 inversion reflects the impact of dieselgate (collapse of diesel catalytic demand) and the perception of gold as the predominant safe-haven asset in periods of macroeconomic uncertainty.
Implication for the Jeweller: This valuation anomaly makes platinum a historically 'cheap' value. Stockpiling platinum at these levels can be a relevant commercial decision for a workshop anticipating a rise in 5 years, while using it in current production.