Edward Sterck: Platinum Price Breakout, Plus Supply and Demand in 2026

Edward Sterck (World Platinum Investment Council) says platinum’s rally/“breakout” dynamics from last year remain in place into 2026, with the key message that the market is still structurally tight even if the headline deficit moderates. WPIC expects 2026’s platinum deficit to be “much smaller” than 2025’s record shortfall, which Sterck characterizes as over 1 million ounces. The interview frames the price-supportive backdrop as persistent rather than one-off: the same themes that drove last year’s run are described as “still in play… arguably for the foreseeable future.” While specific demand/supply line items and price levels aren’t provided in the available excerpt, the emphasis is that the deficit regime continues, implying limited buffer stocks and higher sensitivity to incremental supply disruptions or demand surprises. Market implications: a smaller deficit vs 2025 could cap near-term upside if the market had been priced for repeat 1Moz+ shortages, but continued deficit conditions keep dips supported and preserve upside optionality. Near-term catalysts to watch would be updated WPIC balance estimates, inventory/ETF flow signals, and any evidence that end-user demand or primary supply is diverging from expectations over the next few quarters.