# Why Smart Investors Are Paying Attention to Platinum in 2024

Platinum flies under the radar for most retail investors, but it's actually the world's third most-traded precious metal. Here's the thing—unlike gold (which is mostly a store of wealth), platinum's price is directly tied to real industrial demand.

**Where does platinum actually go?**

Autocatalysts (those things in your car's exhaust that reduce pollution) eat up the biggest chunk—forecast at 3.17M ounces in 2024, climbing to 3.25M ounces in 2025. Jewelry is second at 1.95M ounces. Then there's industrial/medical uses (2.43M ounces)—think hard drives, medical implants, cancer drugs, sensors.

The catch? Platinum has been trading $900-$1,100/oz throughout 2024, while gold is over double that price. Seems weird, right? Platinum is 30x rarer than gold and harder to mine, but it trades at a discount because gold has that "safe-haven" status. When markets get shaky, money floods into gold, not platinum.

**Supply vs. Demand Reality**

The industry is facing a supply deficit (COVID hangover + Ukraine war + South Africa's infrastructure issues), but demand is lagging due to economic pressures and fewer people buying new cars. Plus, EVs don't need catalytic converters, which is quietly reshaping demand.

**The Play?** If you believe industrial sectors will bounce back and automotive production stabilizes, platinum offers exposure to a market that's undervalued relative to its rarity. Just understand you're betting on industrial cycles, not currency safety.