Eseandre Mordi
⬤ The platinum-to-gold ratio just cleared a major technical hurdle that's been holding it down since the late 2000s. After hitting an all-time low against gold, platinum has now pushed above a descending trendline that rejected every rally attempt for over 17 years. This breakout suggests the extended period of platinum underperformance may finally be coming to an end.
⬤ The long-term picture shows just how dramatic platinum's decline has been. Back in 2008, platinum traded at 2.4 times the price of gold. From there, it entered a brutal multi-year slide that saw the ratio crash to record lows. Now, after bottoming out at those extremes, platinum is mounting a recovery that's taken it above that long-standing resistance line that's been capping gains for nearly two decades.
⬤ The momentum shift is hard to ignore. Month-to-date, platinum has outperformed gold by roughly 23.4%. While the ratio is approaching historically significant resistance and showing short-term overbought conditions, the bigger picture points to improving relative strength rather than a temporary bounce. The chart also shows ratio levels from previous cycles, including 2008, which serve as long-term reference points.
⬤ This matters because ratio trends in precious metals often signal deeper shifts in market dynamics—supply constraints, changing industrial demand, and evolving investor appetite. If platinum holds above this descending resistance, it would confirm the metal is reclaiming strength after years of lagging behind gold. Some consolidation near current levels wouldn't be surprising, but the platinum-gold ratio is flashing signs of a structural change that could reshape how hard assets perform relative to each other going forward.
Eseandre Mordi
