Platinum

Platinum is one of the rarest precious metals, with annual mine supply of only about 6 million ounces — roughly one-tenth of gold output. Over 70% of global supply comes from South Africa, making it sensitive to labor disputes and power outages in the region. Platinum's primary demand driver is the automotive industry, where it is used in catalytic converters for diesel vehicles. It also has growing applications in hydrogen fuel cells, positioning it as a critical metal for the energy transition. Platinum has historically traded at a premium to gold, though this relationship has inverted in recent years.