Nevertheless, platinum long-term outlook appears more promising as many expect the supply deficit to swell in the coming years. For instance, Impala Platinum, one of the six founding companies behind the Council, believes the platinum market can see a deficit of 1.8 million ounces in 2023.

“The picture we’re painting is of a market gradually burning up the above-ground stock levels, which we estimated at the end of 2012 to be 4.1-million ounces and this year it will be down to 2.53-million ounces,” Paul Wilson, CEO of the Council, said.

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For more information on the platinum market, visit our platinum category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own shares of GLD.