Platinum Price History
Trace platinum's dramatic journey from the diesel-era boom and its 2008 all-time high of $2,290 through the Dieselgate scandal, the Eskom power crisis, and the emerging hydrogen economy.
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All-Time High
Platinum Price Through the Decades
Platinum's price history is uniquely tied to the automotive industry, particularly diesel engines that rely on platinum-based catalytic converters. Unlike gold and silver, platinum is not primarily a monetary metal -- its value is driven by industrial demand, mine supply from just two countries (South Africa and Russia), and shifting regulatory and technological trends. This concentration of supply and demand makes platinum one of the most volatile precious metals.
- 2001-2007 - Diesel Boom Era – European diesel adoption surges as governments promote diesel engines for fuel efficiency and lower CO2 emissions. Platinum demand for diesel catalytic converters skyrockets, pushing prices from around $430/oz to over $1,500/oz.
- 2008 - All-Time High at $2,290 – Platinum reaches its all-time high of approximately $2,290 per ounce in March 2008, fueled by diesel demand, South African power shortages from Eskom, and speculative investment. At this point, platinum traded at a significant premium to gold.
- 2008 - Financial Crisis Crash to $750 – The global financial crisis sends platinum crashing from $2,290 to roughly $750 per ounce in just eight months -- a 67% decline. Industrial demand evaporates as automakers slash production and the global economy contracts.
- 2015 - Dieselgate Scandal – Volkswagen's emissions cheating scandal in September 2015 triggers a structural shift away from diesel vehicles across Europe. Platinum loses its primary demand driver as governments announce diesel bans and consumers switch to gasoline and electric vehicles.
- 2021 - Hydrogen Hype Spike – Platinum briefly rallies above $1,300/oz as markets price in growing demand for platinum-loaded proton exchange membrane (PEM) electrolyzers used in green hydrogen production. South African supply disruptions add upward pressure.
- 2024-2026 - Recovery and Hydrogen Potential – Platinum begins a gradual recovery as the hydrogen economy moves from concept to deployment. Persistent supply deficits from South Africa, where aging mines and Eskom power rationing constrain output, support higher prices alongside emerging fuel cell and electrolyzer demand.
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Frequently Asked Questions
What was the highest platinum price ever?
Platinum's all-time high was approximately $2,290 per troy ounce, reached in March 2008. This peak was driven by a perfect storm of surging diesel vehicle demand in Europe, severe electricity shortages from South Africa's Eskom utility that threatened mine output, and speculative investment flows. At this price, platinum traded at a significant premium to gold -- a relationship that has since inverted, with gold now trading well above platinum.
Why did platinum crash in 2008?
Platinum crashed from its all-time high of $2,290 to approximately $750 per ounce during the 2008 global financial crisis -- a 67% decline. The crash was driven by a near-total collapse in automotive demand as car sales plummeted worldwide, a broader commodity sell-off as hedge funds liquidated positions to meet margin calls, and the evaporation of speculative investment. Platinum's heavy dependence on industrial demand (roughly 60% from auto catalysts) made it far more vulnerable than gold during the recession.
What was the platinum price 10 years ago?
In 2016, platinum traded in the range of approximately $820 to $1,100 per ounce. The metal was still reeling from the fallout of the Volkswagen Dieselgate scandal in late 2015, which dealt a structural blow to diesel vehicle demand in Europe -- platinum's largest end-use market. Combined with a strong U.S. dollar and weak commodity sentiment, platinum remained depressed throughout much of the mid-2010s.
Will platinum prices recover?
Many analysts see long-term upside for platinum driven by three factors: persistent supply deficits as South African mines age and face ongoing power constraints from Eskom; growing demand from the hydrogen economy, where platinum is used in PEM electrolyzers and fuel cells; and platinum's deep discount to gold, which historically tends to narrow over time. However, the decline of diesel vehicles and competition from palladium and rhodium in gasoline catalysts remain headwinds. The pace of hydrogen infrastructure buildout will likely determine whether platinum experiences a sustained recovery.