Buying platinum: coins, bars, prices and what drives the market

The short answer

Platinum is much scarcer than gold and far more tied to industry. Car catalysts, factories and jewelry use most of it, and South Africa mines about 70% of the world’s supply. You can buy it as coins, such as the American Platinum Eagle, or as bars, and it’s allowed in an IRA at 99.95% purity. Expect bigger price swings and wider dealer spreads than with gold, and fewer places to sell.

Platinum at a glance

World mine output, 2025	About 170 metric tons (gold: about 3,300)
Largest producer	South Africa, about 71% of mined supply
Biggest use	Car exhaust catalysts, about 37% of 2025 demand
Record price	Near $2,924 an ounce, January 26, 2026
IRA purity standard	99.95%

Where platinum comes from

The U.S. Geological Survey estimates that mines produced about 170 metric tons of platinum in 2025, compared with about 3,300 tons of gold. South Africa produced about 120 tons of it, followed by Russia and Zimbabwe. The World Platinum Investment Council puts South Africa’s share of mined supply at 71%.

That concentration is a risk for the market. Power shortages, flooding, strikes or mine closures in one country can move the price. Recycling, mostly from old car catalysts, adds to mine supply.

What platinum is used for

According to the World Platinum Investment Council, 2025 demand looked like this:

Use	2025 demand (thousand oz)	Share
Automotive (exhaust catalysts)	3,035	37%
Jewelry	2,190	26%
Industrial (chemicals, oil refining, glass, medical and more)	1,915	23%
Investment (bars, coins and funds)	1,157	14%
Total	8,297

Source: World Platinum Investment Council, Platinum Quarterly, March 2026.

Demand exceeded supply in 2025 by about 1.1 million ounces. In its March 4, 2026 report, the council forecast a fourth straight shortfall in 2026, smaller at 240,000 ounces. Johnson Matthey’s May 2026 report also expects platinum to stay in deficit this year. Shortfalls are filled from stocks held above ground, which the council estimates at just over four months of demand.

The long-term question is cars. Battery electric vehicles don’t need exhaust catalysts, so a faster shift to them would cut platinum demand. Slower adoption, or more hybrids, would keep it up.

How the price has behaved

Platinum is a small market with a lot of industrial demand, so its price moves sharply. It reached an all-time high near $2,924 an ounce on January 26, 2026, then fell to about $1,566 by June 30, a drop of more than 45% in five months.

Ways to buy platinum

American Platinum Eagle. The U.S. Mint’s platinum bullion coin since 1997: one troy ounce of 99.95% platinum with a $100 face value, the highest of any U.S. legal tender coin. The Mint stopped making fractional sizes for investors after 2008.
Other government coins. The Royal Canadian Mint and other mints make platinum bullion coins too.
Bars. Refiners make platinum bars, commonly 1 oz and 10 oz.
Funds. Exchange-traded funds that hold platinum bullion give you the price without storage, though you own shares of a fund, not metal.

Costs and selling

Platinum usually costs more over spot than gold, and dealers’ buy-sell spreads are wider, because far less of it trades. Fewer dealers stock it, so get more than one quote when you buy and when you sell. Gains are taxed as gains on collectibles, at up to 28% for metal held more than a year.

Platinum in an IRA

The American Platinum Eagle is named in the tax code as allowed in an IRA. Other platinum bullion qualifies if it’s at least 99.95% pure, the standard for delivery on regulated platinum futures. As with gold, the trustee or custodian has to hold it. The gold IRA guide explains how these accounts work, and gold IRA fees covers the costs.

Should you buy platinum?

People who buy it point to the shortfalls, the low stocks and the concentration of supply. Skeptics point to the shift toward electric cars and to the price’s history of long slumps. Either way, platinum behaves more like an industrial commodity than like gold, and its price depends heavily on factories and the car market. If you want it, keep it to a small part of what you hold in metals. Our palladium guide covers its sister metal, which has had a rougher few years.

Frequently asked questions

Is platinum rarer than gold?

Far less of it is mined. Mines produced about 170 tons of platinum in 2025, against about 3,300 tons of gold, according to U.S. Geological Survey estimates. Mine output isn’t the whole story, though: a lot of platinum is recycled from old catalytic converters, and far more gold sits in vaults and jewelry, so the two markets work differently.

Is platinum worth more than gold?

Not by price. Throughout 2026, an ounce of platinum has cost much less than an ounce of gold.

Why does platinum’s price move so much?

The market is small, most demand comes from industry, and most supply comes from one country, so shifts in car sales or mine output hit the price hard.

Can platinum go in an IRA?

Yes. American Platinum Eagles are named in the law, and other platinum bullion at least 99.95% pure qualifies, held by the IRA’s trustee or custodian.