The decade-long cycle behind the platinum price chart: Why have silver and platinum both hit record highs?

The precious metals market is experiencing a rare ten-year rally. Over the past year, silver and platinum have outperformed gold significantly, with silver showing a strong upward trend and platinum reaching its highest level since April 2013. Behind this structural rally in precious metals are deep economic, policy, and supply-side factors.

First Breakthrough in Over a Decade: Specific Performance of Silver and Platinum Price Surges

According to TradingView data, in late September last year, platinum prices broke through $1,550 per ounce, hitting a decade-high. Earlier that month, silver surpassed $45 per ounce, also setting a 14-year record. Notably, the gains are substantial: over the past year, platinum rose 71%, silver increased 55%, while gold only gained 41%. This indicates that the upward momentum of platinum-group metals has clearly surpassed that of traditional safe-haven assets like gold.

Why have silver and platinum stood out? The most direct reason is valuation recovery. For years, the gold-silver ratio and gold-platinum ratio remained relatively high, prompting market funds to shift from overvalued gold to undervalued silver and platinum, seeking value reversion.

Economic Uncertainty and Monetary Easing: The Twin Engines Driving Precious Metal Gains

Two main factors are fueling the overall rise in precious metals. First is the macroeconomic environment—rising global economic uncertainty and ongoing geopolitical risks have heightened market risk aversion. Second is the shift in monetary policy. The Federal Reserve’s rate-cut cycle has fundamentally improved the investment appeal of precious metals, as low interest rates increase the relative value of non-yielding assets.

Under the combined influence of these drivers, the entire precious metals sector is entering a new upward cycle.

Structural Supply Shortages: Why Platinum Prices Are Inevitable

More critically, supply-side challenges are emerging. The World Silver Survey projects a severe shortage in the silver market by 2025, with total supply remaining below demand for the fifth consecutive year. Gareth Nicholson, investment chief at Nomura Securities, warns: “If this consumption pattern continues, known silver reserves could be depleted by 2050.” This reflects not only short-term supply tightness but also long-term structural issues.

The supply situation for platinum is similarly tight. The World Platinum Investment Council indicates that platinum will face a third consecutive year of deficits in 2025, with a shortfall of about 30 tons. Trevor Raymond, the council’s CEO, states: “The platinum market is in a structural shortage. Industry-wide, platinum mine supply continues to face downside risks.” This suggests that supply constraints are not short-term fluctuations but a medium- to long-term trend.

Future Outlook: Multiple Institutions Bullish on Silver and Platinum

Given the supply shortages and demand support, market outlooks for silver and platinum are generally optimistic.

Swiss bank UBS commodities analyst Mensur Pocinci believes silver still has upward momentum, with potential targets of $52 to $58. Nomura’s latest report states: “Given limited upside for gold recently, silver’s appeal is increasing, especially as it is both an industrial metal and a safe-haven asset.”

BNP Paribas shows an even more optimistic outlook. The bank notes that, with silver being undervalued and possessing both monetary and industrial attributes, the price could first rise to $50 and then push toward $100.

For platinum, Deutsche Bank believes that sustained supply deficits and structural demand will keep the bullish trend intact. Some analysts suggest that if the gold-to-platinum ratio reverts to its historical average of 2:1, platinum prices could rise above $1,850.

A Decade of Insights from Platinum Charts: Institutional Consensus and Market Logic

Overall, the new decade-highs in silver and platinum are not fleeting phenomena but are supported by multiple fundamental factors—supply gaps, valuation recovery, and macroeconomic improvements. While forecasts from major investment banks vary in magnitude, the consensus is clear: platinum-group metals still have room to rise.

In the short term, risk aversion and monetary easing will continue to support prices; in the medium term, supply constraints will serve as a strong bottom support for further gains. For investors, understanding the underlying logic behind this ten-year cycle is more important than simply chasing price increases.