The platinum market is anticipated to experience a significant deficit in 2023 and extend into 2024 due to surging industrial demand and diminishing supply, according to the World Platinum Investment Council (WPIC). WPIC projects a deficit of 1.071 million ounces in 2023, driven by a 3% decline in total supply and a 26% increase in demand compared to 2022. In particular the hydrogen and wind power sectors are contributing to industrial demand for platinum, in the form of catalysts in fuel cells and electrolyzers and applications in fiberglass used for rotor blades. Industrial demand is expected to grow by 317,000 ounces in 2023, reaching a record high of 2.652 million ounces. Palladium is a by-product of Platinum mining and thus…