UBS analysts Giovanni Staunovo and Wayne Gordon, fresh on the heels of raising their Silver Price targets (and correctly calling for a new ATH) have now raised their price targets for both platinum and palladium for divergent reasons. The reports, released by the UBS Chief Investment Office on 30 October 2025, point to diverging drivers in the two markets: policy-driven tightness in platinum and sentiment-driven accumulation in palladium.
We offer this observation: Platinum and palladium, like silver, are now part of a strategic inventory race that will persist as de-globalization matures into mercantile protectionism.
Contents
Platinum: Tightness and Uncertainty
Palladium: Rising but on Weak Fundamentals
Cold War 2.0: Geopolitics as Fundamentals
