Is platinum rarer than gold?
Geological and economic data on the relative rarity of precious metals.
At a glancePlatinum 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.