Platinum is scarcer than gold, with annual mine supply a fraction of gold's, and it trades on a very different set of fundamentals. Roughly 70% of new supply comes from South Africa, and demand is split across auto catalysts, jewelry, industrial and laboratory use, hydrogen technology, and a comparatively small investment market — which is why the platinum price can diverge sharply from gold for years at a time.

What you can buy

The investment menu is narrower than gold or silver. American Platinum Eagles and Canadian Platinum Maple Leafs are the leading coins, both .9995 fine, and bars from PAMP Suisse, Valcambi, and Argor-Heraeus are available from 1 gram to 1 kilo, with 1 oz the most traded size. Because the market is thinner, bid-ask spreads and dealer premiums are typically wider than for gold, and not every dealer keeps deep platinum inventory.

Supply concentration and deficits

South African output has been constrained by electricity shortages, deep-level mining costs, and shaft closures, while recycling from spent autocatalysts fluctuates with scrappage rates. The World Platinum Investment Council has reported multi-year supply deficits, and a concentrated supply base means labor disputes or grid failures can move the price faster than in larger markets.

The hydrogen and autos angle

Platinum is essential to proton-exchange-membrane fuel cells and to electrolyzers used for green hydrogen, giving it a long-term industrial growth story. Nearer term, substitution between platinum and palladium in gasoline catalysts influences relative pricing, and diesel vehicle demand still matters in Europe and India. Buyers treating platinum as a diversifier usually size it as a satellite position alongside a larger gold and silver core.

IRA eligibility and storage

IRA-approved platinum must be .9995 fine and come from a sovereign mint or accredited refiner, and it must be held at an approved depository. Keep assay packaging intact — because retail recognition is lower than gold, sealed, verifiable product noticeably improves resale terms.

Comparing where to buy? See our ranked dealer reviews and the Gold IRA guide.

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