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Platinum has been in deficit production for 4 years. The above ground supply is a little over 3 billion dollars, globally. Something like three quarters of mining is in South Africa (Kill dee Boer, da fahmar) a fact which could very easily lead to a further supply shortage. Other sources are Russia and Zimbabwe which have their own issues. Demand is inelastic, it is needed for catalytic converters, even more is needed for hybrids, it's used in petroleum refinement in I believe the Cat-cracker unit. Platinum has interesting chemistry but one thing about it is it notably forms an alloy with Iron and thus most of Earth's supply is liquid in the core where it will forever remain. It's much much more rare than Gold in Earth's crust ( maybe 1/20th) and historically Platinum costs more but today is less than 50% of the Gold price despite being more needed industrially. This is my fundamental case, it's running out very fast.
Two points of general support. I do consider debasement and collapse of paper money as a general tailwind, Platinum is not just Silver and a real form of money though. Also it ought to cost more than Gold, whether Gold goes up 10x or down sharply Platinum should double compared to Gold. Scarcity and history are my justification for that claim.
PPLT is my ticker, I own some physical too but mostly PPLT. My only concern is the ETFs end up fraudulent.