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Here Comes Platinum

Portfolio Armor's Photo
by Portfolio Armor
Monday, Dec 15, 2025 - 17:33

Platinum, Silver, and Gold bullion.

Here Comes Platinum

Platinum just hit a 14-year high.


That alone should get your attention.

But the more important point isn’t the price level—it’s where we are in the metals liquidity stack.

Gold ran first.
Silver followed.
And historically, when capital starts chasing precious metals with momentum, it doesn’t stop at the deepest, most liquid markets.

It moves down the ladder.

The liquidity problem (and opportunity)

Gold and silver are enormous markets. They can absorb a lot of capital before price action becomes disorderly.

Platinum cannot.

It’s thinner, less liquid, and far more prone to gap-style moves when demand shows up in size. That’s not a bug—it’s the feature.

As David Janello, PhD, CFA put it in a piece we referenced back in October:

“What happens when the same demand hits markets with 1% of the liquidity of Silver and less than 1/10,000th the liquidity of Gold?”

His answer was blunt: the move can be violent.

Most traders have spent their careers in orderly markets, where price moves in steps. Thin markets don’t behave that way. They reprice, sometimes all at once.

Why this matters now

The backdrop today looks eerily familiar to prior precious-metal inflection points:

  • A macro bid under the metals complex

  • Breadth widening beyond just gold

  • Growing attention on assets that don’t require much incremental capital to move sharply

Once attention rotates into thinner markets, price doesn’t politely climb—it jumps.

That’s why, back in October, we explicitly framed precious metals exposure as tail-risk by design, not as a conservative allocation.

How we think about expressing this theme

When markets like platinum start to move, timing matters—but structure matters more.

Our approach (which we laid out previously) follows a simple philosophy:

  • Uncapped upside for the tail

  • Defined downside so we can afford to wait

  • Pre-wired exits so we’re not forced to babysit positions

In thin markets, you don’t want to be perfectly right and structurally wrong. You want a setup that can survive noise while keeping the upside open if things get disorderly.

That’s why our precious-metals playbook has emphasized:

  • Leaving the top open

  • Financing that exposure with a small, defined risk floor

  • Avoiding structures that cap gains just as things get interesting

We’re not trying to predict the exact path—only to be positioned if the move accelerates.

The setup is changing

Platinum at a 14-year high isn’t the end of the story. Historically, it’s often been the beginning of attention.

If capital keeps migrating down the liquidity ladder, this is exactly the kind of market where moves can happen faster—and more violently—than most participants expect.

Gold showed what happens when demand overwhelms supply.
Silver reminded traders what leverage to liquidity looks like.

Platinum may be next. Subscribers can see exactly how we're positioned for platinum exploding higher here. 

If you'd like a heads up when we place our next precious metals trade, you can subscribe to The Portfolio Armor Substack below. 

 

And if you think we're wrong, you can hedge against us here or here. 

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