While platinum isn’t considered a monetary metal like gold and silver, it has more industrial use than gold, and is far more rare than gold. While it’s typically not thought of as an inflation hedge, it is still a precious metal, is turned into bullion and jewelry, and used for catalytic converters in cars, laboratory equipment, thermometers and more. Platinum is also mined at around 1/10th the amount of gold that is mined every year, because it’s more expensive to mine it and concentrated in fewer areas globally.
While it hasn’t always traded at a lower price than gold, as of writing this article in 2022, it has mostly been trading under $1000 since March.
To contrast current prices with how big of a value play this could be, platinum was trading over $2000/oz in 2008. Looking at prices in the past, platinum appears very undervalued right now.
For those willing to take the chance, platinum could be an excellent value play for the long term. If you’re considering this as an option, be sure to do your own due diligence.