The Hidden Revival of Platinum and Palladium
1Q2025 Natural Resource Commentary
Peak Shale Amid Maximum Pessimism
Gold Rises, Equities Sleep
A Uranium Short Squeeze?
Gas’s Time Has Come
Copper’s Inflection Point
The Drought Setup
Leigh R. Goehring & Adam A. Rozencwajg
In 2000, palladium was $400 and platinum just over $500. Few cared—until prices soared, and South African equities rose 30- to 60-fold. Now, after years in the wilderness, PGMs are once again flashing a familiar signal.
Platinum has been in a 16-year bear market. Palladium has collapsed 70% in just four. Investors have written them off, convinced electric vehicles will make catalytic converters obsolete.
But what if they’re wrong?
Our research suggests that hybrids—not EVs—are the true efficiency breakthrough. And hybrids require more platinum group metals, not less. Add to that tightening global emissions standards, collapsing supply, and a dramatic recovery in investment demand, and the setup begins to look eerily familiar.
Could PGMs be the next uranium?
In our latest commentary, The Hidden Revival of Platinum and Palladium, we explore why these metals—platinum, palladium, and rhodium—may be poised for a historic rerating. From hybrid energy math to recycled supply constraints, the pieces are falling into place.
Download our Q1 2025 commentary for insights into:
* Why hybrids beat EVs on energy efficiency—and boost PGM demand
* How global emissions rules are quietly increasing metal loadings
* Why mine closures and recycled shortages may drive deficits for years
* Why platinum producers are priced for collapse—but poised for a rebound