London Platinum Market Indicates The Beginning Of A Squeeze
Paper Claims vs. Physical Metal Available For Delivery
On June 11, 2025, metals analyst Rob Gottlieb reports that the 1-month implied lease rate in London has hit 24.5% for platinum.
This lease rate indicates the potential onset of a squeeze for physical platinum in London.
At the same time, June 11, 2025 platinum trading volume in the CME-COMEX market hit a new all-time high 86,717 contracts of 50 oz. each - see the red mark in the bottom panel of Figure 1 below.
Figure 1 - CME-COMEX Platinum Price, Futures Open Interest, And Futures Trading Volume; source: GoldChartsRUs.com
The London Platinum And Palladium Market (LPPM) publishes even less data than the London Bullion Market Association (LBMA) for gold and silver.
We can only guess as to how much platinum resides in London vaults.
We can see from the high and rising lease rate that there is increasingly not an adequate amount of platinum available for delivery in London.
Best Regards,
David Jensen
Get your popcorn ready, could be a fun show.
Hoping some day you’ll be making similar observations about silver.
Everything catching up to gold, and gold is catching a second wind.
Interesting spike in lease rates—24.5% is eye-popping. If this really signals a physical squeeze in London, how sustainable is it? And could this dislocation between COMEX volume and London supply set off broader price volatility or even forced delivery failures?