Edward Sterck: Platinum Market Still Tight, Will Price Move in 2026?

Edward Sterck of the World Platinum Investment Council says platinum remains fundamentally tight despite Q1 marking the sector’s first surplus in six quarters. The WPIC is still forecasting a 2026 deficit of about 300,000 ounces, with Sterck arguing that ETF and exchange stock outflows seen in Q1 should be partly reversed as investment demand returns. The key takeaway for traders is that the Q1 surplus does not change the broader supply-demand picture: the council still expects the market to be in deficit for the full year. That keeps platinum sensitive to renewed investor buying and any drawdown in visible stocks, even if the first quarter looked softer on paper. Near term, the market will be watching whether investment flows indeed stabilize and whether exchange inventories continue to tighten. If that happens, the 2026 deficit forecast could keep a floor under prices and support further upside, especially if macro conditions remain favorable for precious-metals allocation.