The World Platinum Investment Council (WPIC) have revised higher their platinum forecast prices. The WPIC has revised its platinum deficit forecast for 2023, up 77% to 983 koz, as it projects demand to grow by 28% and supply to decrease by 1% year-on-year. It also projects this year to be a record year for industrial demand, growing by 17% year-on-year (+382 koz) to 2,628 koz. So, is Platinum heading for higher prices on a weaker USD, rising demand, and less supply?

One seasonal pattern to be aware of is a period of seasonal weakness ahead. Over the last 15 years, Platinum prices have fallen 60% of the time for an average fall of -5.85% over the period between Aug 1 and Oct 4. Are any dips worth buying on the WPIC’s forecast? Or will different forces move Platinum markets this year?

Major Trade Risks: The main risk here would be higher inflation prints out of the US and/or more hawkish Fed policy expectations as well as specific Platinum supply/demand news.

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