Platinum All-Time High
Platinum's 2008 record of ~$2,290/oz remains unbroken. Explore what drove the peak, why platinum has struggled since, and whether hydrogen could spark a comeback.
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All-Time High
Platinum All-Time High: The 2008 Record
Platinum's all-time high of approximately $2,290 per ounce was set in March 2008, driven by a perfect storm of South African mine shutdowns during the Eskom power crisis and peak automotive demand for diesel catalytic converters. Unlike gold, platinum has never come close to reclaiming its record -- a stark example of how structural demand shifts can permanently alter a metal's pricing trajectory.
- Dieselgate Scandal (2015) – Volkswagen's emissions cheating scandal triggered a global backlash against diesel vehicles. European diesel market share has fallen from over 50% to under 20%, dramatically reducing platinum demand for catalytic converters.
- Palladium Substitution – Automakers shifted to palladium-dominant catalytic converters for gasoline vehicles, which now outsell diesel globally. This structural switch redirected precious metal demand away from platinum.
- South African Supply – Despite production challenges, South African mines have continued to supply adequate platinum. Labor strikes and power issues cause periodic disruptions but have not been severe enough to create a sustained supply deficit.
- Hydrogen Economy Potential – Platinum is essential for PEM fuel cell technology in hydrogen vehicles and electrolyzers. If the hydrogen economy scales as proponents expect, it could become a transformative new demand source.
- Investment Sentiment – Investors have favored gold and silver as monetary metals, leaving platinum with lower ETF holdings and speculative interest than during its 2008 peak.
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Frequently Asked Questions
What is the platinum all-time high?
Platinum's all-time high is approximately $2,290 per ounce, reached in March 2008. The record was driven by severe power supply disruptions at South African mines (the Eskom crisis) combined with peak automotive demand for diesel catalytic converters and strong investment flows.
Why is platinum below its all-time high?
Platinum has been unable to recover its 2008 record due to the Dieselgate scandal, which triggered a collapse in diesel vehicle demand across Europe. Automakers shifted to palladium for gasoline-vehicle catalytic converters, and investor interest migrated to gold and silver. Platinum's primary demand driver -- diesel catalytic converters -- has structurally declined.
What drove platinum to its record in 2008?
Three factors converged: South Africa's Eskom power crisis forced mine shutdowns, cutting supply from the world's dominant producer; European diesel vehicle sales were at their peak, driving strong catalytic converter demand; and investment demand through newly launched platinum ETFs added further buying pressure to an already tight market.
Will platinum recover to its all-time high?
A platinum recovery to $2,290 would require significant new demand sources. The hydrogen economy is the most promising catalyst, as platinum is critical for PEM fuel cells and electrolyzers. If hydrogen vehicle adoption and green hydrogen production scale rapidly, they could offset the decline in diesel demand. However, this transition is still in its early stages and timelines remain uncertain.