Platinum is used by automakers, who embed it in vehicle
exhausts to neutralize harmful emissions. Stock image.
After years of being written off due to the electrification of the automotive sector, platinum group metals (PGMs)—raw materials that exclusive to internal combustion engine (ICE) vehicles—may be gathering momentum for a significant comeback.
In their first quarter 2025 market commentary, New York-based investment firm Goehring & Rozencwajg presents a compelling case for a new bull cycle in the sector, spotlighting the pivotal shift in both the metals’ demand and supply over the past 18 months.
These trends, they argue, mirror the conditions of the late 1990s that preceded a historic bull market, when PGM miners’ values rose by factors of between 30 and 60. That run ended with the 2008 financial crisis, and the sector has since gone on a 16-year bear cycle.
According to Goehring &…
