PGM prices in 2025 are supportive of recycled supply growth (Figure 1). However, platinum automotive recycling supply is not expected to recover to the peak level reported in 2021, and we expect this to contribute to sustained platinum market deficits through 2029.

Silver reached the $50-an-ounce level for the first time in decades on Thursday as surging demand for safe-haven assets led to a squeeze on the already-tightened London bullion market.

Commerzbank has updated its forecast for Palladium, anticipating it will reach $1,350 per troy ounce by the end of 2026. Previously, the price forecast was set at $1,300, but no further price increases are expected next year.