Platinum has been one of the strongest-performing precious metals of 2025, with prices rising nearly 50% year-to-date. But what’s driving the rally? In this episode of The Commodity Exchange, host Nitesh Shah speaks with Wilma Swarts, Director of Platinum Group Metals at Metals Focus, to unpack the key forces behind platinum’s breakout. They explore the impact of supply constraints, the role of Chinese jewellery demand, the effects of tariff anxiety, and how automotive and industrial uses are evolving. Plus, they discuss the outlook for palladium, scrap supply, and the long-term case for platinum in the energy transition.