Platinum's rally has room to run, according to research published this week — and the story is all about supply, not demand.
The core argument from one camp of analysts: global supply imbalances are getting worse, not better. Disruptions tied to the Strait of Hormuz closure are rippling through shipping routes, and South Africa's export basket — a major source of the world's platinum — is under pressure from the same geopolitical strain. Together, these frictions are squeezing the metal's availability on world markets.
The published research view is that as long as these supply-chain bottlenecks and geopolitical triggers stay in play, elevated platinum prices have a floor under them. In other words, this isn't framed as a speculative bid — it's framed as a structural supply story that holds until the underlying disruptions ease.
Worth watching: any sign of de-escalation around Hormuz or smoother South African exports would, by this same logic, take some of the air out of the trade.