PLATINUM VS SILVER Up 7% since the note below has been published, the platinum-to-silver ratio remains in the lower end of its long-term cycle, where platinum's risk-reward is far more attractive than silver's. Indeed, while a return to the ratio's long-term trend would imply a 140% outperformance for platinum, reaching 2σ on the upside would bring this outperformance to +357%. $PPLT $PLTM $SIL

THE QUALITY PLATINUM MINER While platinum have retraced by 50% since its peak of January 2026, my main platinum position is "only" down 34% since then, after a multiplication by more than 3 of its price in 2025. So, not only this miner did not underperform the metal in this down market (as miners are expected to do in such cases), but it also outperformed it by 67% since its low of January 2026. How come? Well, this miner using a low cost production technic (also involving lower risks) has been able to generate an average ROIC of 30% over the past 10 years. Such a high return on capital and low production costs offer a cushion during market downturns, as the company should normally stay profitable longer than most competitors. Also, with a P/E of 4.3 and a dividend yield of 7%, not much long-term platinum bulls seemed willing to drop it. I went into more details into this specific stock in the article below, which remains relevant. $PPLT $PLTM