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The Treasury Department announced new sanctions Friday that target seven family members and associates tied to Nicolás Maduro’s regime, which the Trump administration continues to put in its crosshairs.

The action, carried out by the Office of Foreign Assets Control (OFAC), seeks to address corruption and deceptive practices involving the Venezuelan state.

‘Today, Treasury sanctioned individuals who are propping up Nicolás Maduro’s rogue narco-state. We will not allow Venezuela to continue flooding our nation with deadly drugs,’ Secretary of the Treasury Scott Bessent said. 

‘Maduro and his criminal accomplices threaten our hemisphere’s peace and stability. The Trump Administration will continue targeting the networks that prop up his illegitimate dictatorship.’

This builds on sanctions issued earlier this month, with the Treasury now targeting family networks, not just individuals. The Treasury release names the familial networks of Carlos Erik Malpica Flores (Malpica Flores) and Ramon Carretero Napolitano (Ramon Carretero).

The named and sanctioned individuals in the Treasury release include Eloisa Flores de Malpica, Malpica Flores’ mother and the sister of Cilia Flores; Carlos Evelio Malpica Torrealba, his father; Iriamni Malpica Flores, his sister; Damaris del Carmen Hurtado Perez, his wife; and Erica Patricia Malpica Hurtado, his adult daughter.

According to the Treasury Department, sanctions are not meant to punish indefinitely, and OFAC provides a formal process for petitioning removal.

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The Wisconsin Institute for Law and Liberty (WILL), a conservative legal group, is requesting the Trump administration remove race from the Centers for Disease Control and Prevention’s (CDC) ‘Social Vulnerability Index,’ which the groups claim is being used by liberal localities to steer funds to communities based on race.

WILL refers to what has been taking place as ‘DEI redlining’ in its letter to Trump administration officials at the CDC and the Health and Human Services Department (HHS). It says the tool helps localities prioritize Black and Hispanic neighborhoods over White neighborhoods due to racial composition, independent of any other factors, like poverty.  

‘In the name of ‘racial equity,’ local officials prioritize certain geographic areas for public safety, parks improvements, public swimming pool closures, broadband access, safe drinking water, and disaster assistance,’ the letter to HHS Secretary Robert F. Kennedy Jr. and CDC Acting Director Jim O’Neill stated. ‘And these governments point to CDC’s SVI as the reason for their race-based spending.’

Among various examples the group highlights is Milwaukee, Wisconsin’s county parks department, which states on their website that the Milwaukee Parks Foundation ‘works to reduce or eliminate racial disparities through investments and activation of park spaces that rank high on the Milwaukee County Park’s Equity Index.’ 

Meanwhile, an inter-office communication from 2024 obtained by WILL, updating officials on the ‘Parks Equity Index,’ the Milwaukee Parks Foundation points out that ‘the CDC’s Social Vulnerability Index’ is part of its ‘weighted composite data analysis’ meant to help streamline decision-making within the department.         

‘In other words, parks in white neighborhoods are de-prioritized, while parks in non-white neighborhoods are prioritized,’ WILL argues in its letter to HHS and the CDC.

To show the real life consequences of this, the conservative law group pointed to a community pool that has been closed for the past few years in a local town that is 90% White.  According to local media reports, the pool needs about $600,000 in repairs, but WILL said those will likely never come to fruition, since the community ranks low on the parks department’s ‘Racial equity Index.’ 

Milwaukee County Parks Department came out with a study indicating it was considering shutting down the pool or transferring it to be run through a public-private partnership similar to other pools in the area, according to local outlet Urban Milwaukee.

‘According to Milwaukee County, Hales Corners ranks 128 out of 153 parks in Milwaukee County, with a 3 out of 10 score and a 0.33 SVI score. So the kids and families in Hales Corners will lose their swimming pool, which has been a community fixture since 1968, because the residents are too white,’ WILL argued in their letter. ‘Race-based SVI encourages the use of race for its own sake, or at best, as a proxy for other elements already accounted for within the SVI.’

Fox News Digital reached out to the Milwaukee Parks Department for comment but did not receive a response in time for publication.

WILL pointed to numerous examples of case law determining such activities are unconstitutional, including the recent Students for Fair Admission case that resulted in an overhaul of affirmative action rules in higher education. 

Besides Milwaukee, WILL highlighted examples from California’s Community Development Block Program, run by the state’s Department of Housing and Community Development, which the conservative law group alleges is using the CDC’s SVI index to help prepare for, and respond to, natural disasters. Connecticut’s ‘Drinking Water State Revolving Fund,’ which helps maintain public water systems and assigns a ‘Social Vulnerability Index score’ to each project, was listed as well.

Cook County, in Chicago, was also among those listed. Their ‘Comprehensive Broadband Planning Initiative’ says explicitly on its website that it ‘prioritizes communities with the highest Social Vulnerability Index (SVI) in Illinois.’

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The Trump administration has cut more than 600 rules and regulations in the past year, while only introducing five new ones in an effort to advance Trump’s deregulation priorities, Fox News Digital has learned.

Trump did not hesitate to take action to cut red tape as soon as he took office — after former President Joe Biden’s administration introduced hundreds of new rules every year during his term in the White House. As a result, Trump signed an executive order in January instructing federal agencies to eradicate 10 regulations for every new one implemented. 

As a result, agencies submitted more than 1,300 proposals to OMB’s Office of Information and Regulatory Affairs (OIRA) in 2025 — resulting in a total of 646 deregulatory actions this fiscal year, according to the Office of Management and Budget (OMB). 

Altogether, the deregulatory actions have amounted to $211.8 billion in net cost savings in fiscal year 2025, translating to more than $600 per American, according to OMB.

‘The Trump Administration’s deregulatory agenda is the most ambitious in American history,’ OMB Director Russ Vought said in a statement to Fox News Digital. ‘We have blown far past the target 10 to 1 deregulatory ratio in President Trump’s Executive Order, saving hundreds of billions for the American people.’

‘In less than one year we have already achieved more savings than in all four years of the prior Trump Administration, and we’re just getting started,’ Vought said. 

Deregulatory actions that the Trump administration has taken this year include eliminating the requirement to remove shoes during Transportation Safety Administration (TSA) airport screenings — saving every passenger roughly two minutes going through TSA. Additionally, the Financial Crimes Enforcement Network (FinCEN) at the Department of the Treasury eliminated a rule for U.S. companies and individuals to report to the government personal informationrelated to business ownership. 

The bulk of deregulatory actions taken occurred at the Department of the Treasury, the Department of Veterans Affairs, the Department of Transportation, the Department of Agriculture and the Department of Homeland Security.

Meanwhile, the Biden administration added between roughly 400 and nearly 800 rules each year — which were often coupled with additional regulations, according to a senior administration official. 

Total regulatory costs imposed under the Biden administration snowballed and accumulated to $1.8 trillion during his term in the White House, according to the American Action Forum, a center-right policy institute. 

Biden did not immediately respond to a request for comment from Fox News Digital. 

Meanwhile, the Trump administration has come under scrutiny from Democrats and some Republicans for its deregulatory push. 

Democrats opposed a proposal from Trump’s Labor Department to slash more than 60 workplace regulations that encompassed a host of issues, including minimum wage requirements to harmful substance exposure guidelines. 

‘Donald Trump is betraying America’s workers by forcing people to choose between a paycheck and their safety,’ Democratic National Committee Chair Ken Martin said in a statement in July. ‘Slashing basic protections like standards to ensure roofs don’t collapse, minimum wage for home health care workers, and proper lighting in a construction site won’t make workers safer or small businesses stronger — it will just make greedy corporations richer.’ 

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The Department of Justice began releasing final documents related to convicted sex offender Jeffrey Epstein Friday, with a massive trove of documents that predominantly shows photos and heavily redacted materials categorized into four different sections. 

The DOJ on Friday afternoon released four different data sets of thousands of photos, New York grand jury material and evidence related to investigations surrounding Epstein. The documents and photos were released on the DOJ’s official website. 

Epstein was a well-connected financier who rubbed elbows with those at the highest echelons of government and private industry. He was convicted of sex trafficking minors in 2008 and served just more than one year of incarceration, which also included a controversial work-release arrangement under a plea agreement. 

He was arrested again in 2019 on charges of sex trafficking before he was found dead in his Manhattan jail cell from suicide that same year, officials reported. 

DATA SET ONE: 

The first data set shows thousands of photos of the interiors and exteriors of Epstein’s properties, including in New York and on his private island, Little St. James. 

DATA SET TWO: 

The second data set released shows Epstein in personal photos with high-profile individuals, including former President Bill Clinton. The photos in the second data set show Epstein shirtless while sitting on a sofa, standing near a helicopter and many photos of him on boats.  

A photo in the set included Clinton shirtless in a hot tub. 

When asked about the photo, Clinton spokesperson Angel Urena directed Fox Digital to a statement he posted to X in response to the Epstein drop. 

‘The White House hasn’t been hiding these files for months only to dump them late on a Friday to protect Bill Clinton,’ he wrote. ‘This is about shielding themselves from what comes next, or from what they’ll try and hide forever. So they can release as many grainy 20-plus-year-old photos as they want, but this isn’t about Bill Clinton. Never has, never will be. Even Susie Wiles said Donald Trump was wrong about Bill Clinton.’

Urena said there are ‘two types of people’ involved in the Epstein scandal: those who did not know of Epstein’s crimes and cut him out of their lives upon his conviction and a second group of people who ‘continued relationships with him after’ his crimes came to light.

‘We’re in the first. No amount of stalling by people in the second group will change that,’ the Clinton spokesman continued. ‘Everyone, especially MAGA, expects answers, not scapegoats.’ 

DATA SET THREE:

The third data set released by the Department of Justice included heavily redacted photos of potential victims, documents from Epstein’s 2019 grand jury records that were also heavily redacted, and potential victim exhibits. 

DATA SET FOUR: 

The fourth data set in the document drop mostly showed evidence and exhibits from the investigations into Epstein, including documents dated 2005 and 2006, when the Palm Beach, Florida, Police and FBI began investigating Epstein over tips of potential sex trafficking. 

President Donald Trump signed a bipartisan law in November that required the Department of Justice to release all ‘unclassified records, documents, communications and investigative materials’ within 30 days of Trump’s signature.  

Deputy Attorney General Todd Blanche said Friday morning during an appearance on Fox News that the Department was set to ‘release several hundred thousand documents today,’ while adding that the DOJ anticipates releasing ‘more documents over the next couple of weeks.’

The Epstein Files Transparency Act specifically directs the Justice Department to release all unclassified records and investigative materials related to Epstein and his longtime partner Ghislaine Maxwell, as well as files related to individuals who were referenced in Epstein previous legal cases, details surrounding trafficking allegations, internal DOJ communications as they relate to Epstein and any details surrounding the investigation into his death. 

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Russian President Vladimir Putin said Friday that Moscow would refrain from launching new attacks on other nations provided his country is treated ‘with respect.’

The Kremlin made the remarks during his annual televised press conference in Moscow as concerns persist among European nations that Russia poses a security threat, Agence France-Presse (AFP) reported.

‘Will there be new special military operations? There will be no operations if you treat us with respect, if you observe our interests, just as we have constantly tried to observe yours,’ Putin said.

Putin uses the phrase ‘special military operation’ to describe Russia’s offensive in Ukraine, according to AFP.

He added there would be no further Russian invasions ‘if you don’t cheat us like you cheated us with NATO’s eastward expansion,’ according to the BBC.

The Russian leader also claimed he was ‘ready and willing’ to end the war in Ukraine ‘peacefully,’ though he offered few details suggesting a willingness to compromise, the BBC reported.

The yearly news conference, which typically runs at least four hours, features questions from reporters and members of the public across Russia. 

More than 2.5 million questions were submitted for this year’s event, which focused heavily on the war in Ukraine, Reuters reported.

Putin also noted during the event that the nation’s ‘troops are advancing’ and expressed confidence that Russia will accomplish its objectives through military means if Ukraine does not assent to Russia’s terms during peace talks, according to The Associated Press.

‘Our troops are advancing all across the line of contact, faster in some areas or slower in some others, but the enemy is retreating in all sectors,’ Putin declared.

As the war drags on, the European Union has just agreed to provide Ukraine with a loan of over $105 billion.

Fox News Digital’s Alex Nitzberg contributed to this report.

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It’s not just Minnesota.

The past few weeks have made clear that fraudsters stole billions of dollars from states’ welfare programs, much of it from Medicaid. It also appears that Democratic politicians tolerated the heist for their own political benefit. 

Yet politicians in virtually every state have let waste, fraud and abuse spread like wildfire in Medicaid, putting taxpayers on the hook for an estimated $2 trillion in improper spending over the next decade alone. 

Thankfully, President Donald Trump and congressional Republicans have given states a reason to clean up this mess and spare taxpayers that pain.

In a new paper, I show how Democrats have turned Medicaid into one of the most fraud-ridden programs in America — and how Republicans are fixing it. While Medicaid has long been plagued with improper spending, Democrats supercharged this crisis in the Obama years.

ObamaCare added tens of millions of able-bodied adults to the program, yet that population is much more likely to be ineligible.

The Obama administration refused to rigorously check eligibility, and the Biden administration adopted the same policy, deliberately hiding an explosion in waste, fraud and abuse. Meanwhile, states refused to police their Medicaid programs, confident that the federal government would look the other way and cover the tab.

The first Trump administration found that 27.4% of federal Medicaid spending was improper in 2020, or about $120 billion at the time. The administration also found that four out of every five improper payments were the result of eligibility errors. This money flowed to people who shouldn’t have been on Medicaid and therefore diverted money and care away from its intended recipients. Five years later, it’s highly likely that at least one in five Medicaid dollars is still wrongly spent.

Call this what it is — an assault on taxpayers. It’s also a clear violation of federal law. States are legally required to reimburse the federal government for Washington’s share of Medicaid payments if their improper payment rates are above 3%, a far cry from the 27.4% rate in 2020.

The Trump administration is once again conducting eligibility checks, but even without that info, it’s all but certain that every state already exceeds the 3% threshold. The only reason they’ve avoided a budget blowout is by receiving so-called ‘good faith waivers’ from Washington. Essentially, states have promised that they’ll tackle fraud and abuse, even when they have no intention of doing so.

Republicans called time on this rigged game in the law President Trump signed July 4. They effectively eliminated good-faith waivers and told states that, starting in 2030, they will be forced to cover the federal share of any improper payments above 3%. While five years may seem like an eternity, it’s an acknowledgment that states have a mountain to climb to bring their error rates into the low single digits. 

Consider Ohio. In 2019, it had an improper payment rate of nearly 45%, giving the Buckeye State the worst record in the nation for waste, fraud and abuse. Based on its most recent spending levels, Ohio would be on the hook for $9.7 billion, equal to roughly 15% of its current state budget. Illinois, with a 35.4% rate, would pay $6.4 billion, a tough ask given the state’s famous fiscal woes. Even states with lower improper payment rates, like Pennsylvania, Michigan and Missouri, would still be looking at annual costs of more than $1 or $2 billion.

Without reform, I estimate that states will pay a combined $100 billion in penalties beginning in 2030. Their only hope to avoid this fiscal pain is to immediately start rooting out waste, fraud and abuse. In the state legislative sessions that start in January, lawmakers should focus on several key reforms.

First, stop allowing Medicaid recipients to self-attest their income, address and other personal information. Using the honor system invites abuse.

Second, review recipients’ eligibility at least twice a year for able-bodied adults and once a year for everyone else, thereby removing ineligible individuals early and often.

Third, cross-check Medicaid data with easily accessible information such as wage, hiring and tax records; returned mail and changes of address; out-of-state food stamp transactions; and prison and death records. These basic good government measures can quickly identify people wrongly receiving taxpayer money.

Waiting to tackle Medicaid fraud is the most foolish thing states can do. So is hoping that Democrats get their wish and successfully repeal Republicans’ Medicaid reforms. That won’t happen while Trump is president. And if states wait to see the outcome of the 2028 election, they may be disappointed. At that point, they’d face an even steeper hill with barely a year to get their act together.

There’s no avoiding the reality that Democrats broke Medicaid — in Minnesota and everywhere else — or that Republicans have given states an urgent mandate to finally root out the waste, fraud and abuse.

 Michael Greibrok is a Senior Research Fellow at the Foundation for Government Accountability.

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A photo of former President Bill Clinton topless in a dimly lit hot tub with his arms folded behind his head was included in a massive trove of Jeffrey Epstein files released Friday by the Department of Justice (DOJ).

In another photo, Clinton is seen wading in a pool next to Ghislaine Maxwell and a woman whose face was redacted by authorities.

Subsequent photos showed Clinton posing with American pop stars Michael Jackson and Diana Ross and seated on a plane next to a female wearing an American flag pin whose face was redacted.

He was also seen smiling arm-in-arm with the late disgraced financier and convicted sex offender Epstein at what appeared to be a dinner party, wearing a festive shirt.

The locations where the photos were taken were not included, and no context was provided.

White House deputy press secretary Abigail Jackson took to social media Friday afternoon to comment on the never-before-seen photos of the former POTUS.

‘Here is Bill Clinton in a hot tub next to someone whose identity has been redacted. Per the Epstein Files Transparency Act, DOJ was specifically instructed only to redact the faces of victims and/or minors,’ Jackson wrote. ‘Time for the media to start asking real questions.’

Clinton’s deputy chief of staff, Angel Ureña, accused the White House of trying to ‘hide [things] forever,’ in a statement on X, implying President Donald Trump continued a relationship with Epstein after his crimes were revealed.

‘The White House hasn’t been hiding these files for months only to dump them late on a Friday to protect Bill Clinton. This is about shielding themselves from what comes next, or from what they’ll try and hide forever,’ Ureña wrote in the post. ‘So they can release as many grainy 20-plus-year-old photos as they want, but this isn’t about Bill Clinton. Never has, never will be. Even Susie Wiles said Donald Trump was wrong about Bill Clinton.

‘There are two types of people here,’ he continued. ‘The first group knew nothing and cut Epstein off before his crimes came to light. The second group continued relationships with him after. We’re in the first. No amount of stalling by people in the second group will change that. Everyone, especially MAGA, expects answers, not scapegoats.’

The DOJ dumped thousands of documents and hundreds of photos on its website Friday, all supposedly obtained by authorities during investigations into Epstein and Maxwell’s sex trafficking cases. 

Other photos showed interior and exterior views of Epstein’s properties, personal photos of Epstein with various people and heavily redacted potential victim exhibits.

While more than a dozen politically known individuals appeared in the files, Clinton and other notable figures’ inclusion in the files does not necessarily imply wrongdoing.

The document drop was triggered by the Epstein Files Transparency Act, which required the DOJ to make the files public 30 days from its Nov. 19 signing by President Donald Trump.

Some files may be withheld by the DOJ if disclosure would jeopardize an ongoing investigation or prosecution, to safeguard victims’ privacy or to avoid publishing sensitive child sexual abuse material.

Ross’ communications teams did not immediately respond to Fox News Digital’s requests for comment.

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Denison Mines (TSX:DML,NYSEAMERICAN:DNN) has closed a previously announced deal with Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF) that repurposes a large block of uranium exploration ground surrounding Denison’s flagship Wheeler River project in Northern Saskatchewan.

The recent transaction formalizes the division of Skyharbour’s former Russell Lake uranium project into four separate joint ventures positioned directly adjacent to, or proximal to, Wheeler River.

The structure is intended to promote closer technical collaboration between the two companies while advancing exploration across claims that sit along the same geological corridors as Denison’s advanced-stage development assets.

Under the new arrangements, Denison will operate the Wheeler North and Wheeler River Inliers joint ventures, holding ownership interests of 49 percent and 70 percent, respectively.

Skyharbour will operate the Russell Lake and Getty East joint ventures, in which Denison holds respective minority interests of 20 percent and 30 percent. In addition, Denison has secured earn-in option agreements that allow it to increase its ownership in both Wheeler North and Getty East to as much as 70 percent, subject to future conditions.

The claims involved were previously consolidated under Skyharbour’s Russell Lake project, which borders Denison’s Wheeler River property. The deal strengthens Denison’s already-dominant position around Wheeler River, which is the largest undeveloped uranium project in the infrastructure-rich Eastern Athabasca Basin.

Denison holds an effective 95 percent interest in Wheeler River, which hosts the Phoenix and Gryphon deposits.

A feasibility study completed in 2023 outlines Phoenix as an in-situ recovery operation, while an updated study for Gryphon evaluates conventional underground mining.

Both deposits are expected to rank among the lowest-cost uranium operations globally, based on those studies.

Regulatory momentum continues to move forward at Wheeler River.

The project’s environmental assessment received provincial approval from Saskatchewan in July 2025, and federal review has advanced with the conclusion of the Canadian Nuclear Safety Commission’s public hearing in December.

Beyond Wheeler River, Denison maintains a broad portfolio across the Athabasca Basin, including interests in the McClean Lake joint venture, as well as stakes in the Midwest, Tthe Heldeth Túé and Huskie deposits.

For Skyharbour, the transaction allows it to remain an active operator on key exploration assets near Wheeler River while continuing to advance its broader Athabasca Basin portfolio.

Skyharbour holds interests in 37 uranium projects covering more than 616,000 hectares, including the Moore uranium project, located east of Wheeler River, and the remaining Russell Lake ground now organized under joint venture structures.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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The platinum price surged more than 90 percent from Q2 on in 2025, passing US$1,900 per ounce in December.

After silver, platinum was easily the second best-performing metal in terms of price for the year.

Some of its gains were due to strong industrial demand from the automotive sector and emerging clean energy technologies. And as a precious metal, interest rate cuts by the US Federal Reserve have boosted investment demand.

However, the biggest factor moving platinum’s price is the projected supply shortfall of more than 692,000 ounces for the year. Will these trends carry on in to 2026? Read on to learn more about what analysts believe is in the cards.

Automotive sector still leads for platinum demand

The automotive industry is easily the largest demand sector for platinum.

Both platinum and palladium can be used in catalytic converters, which help eliminate toxic emissions from vehicle tailpipe gases. As their prices fluctuate, platinum and palladium tend to be swapped.

Even so, in its latest platinum quarterly, released on November 19 and prepared by Metals Focus, the World Platinum Investment Council (WPIC) is reporting that demand for platinum from the auto sector will drop 3 percent in 2025 to 3.02 million ounces, followed by another 3 percent decline to 2.915 million ounces of the metal in 2026.

This is due in large part to the transition from internal combustion engines to electric vehicles (EVs).

That said, the clean energy transition is happening so slowly that its impact on the platinum market is fairly subdued.

Hydrogen tech a long-term demand growth driver

Platinum is also a necessary material in the production of hydrogen electrolysis and fuel-cell technologies.

“Hybrid vehicles and hydrogen-powered vehicles still require platinum for exhaust treatment systems or fuel cells. WPIC forecasts that by 2029, fuel-cell EVs will account for only about 3 percent of automotive platinum demand; however, this is still considered a positive contribution,” Tran explained via email.

Platinum is a primary catalyst used in proton exchange membrane (PEM) fuel cells and PEM electrolyzers. Both are electrochemical devices that are used for clean energy conversion, but fuel cells use hydrogen to generate electricity, while electrolyzers use electricity to produce hydrogen.

Both PEM fuel cells and electrolyzers “are key technologies in the clean-energy strategies of the United States, Europe, and China. According to estimates from WPIC and the (International Energy Agency), if hydrogen projects progress on schedule, global electrolyser capacity could expand significantly in the second half of this decade, driving platinum demand related to hydrogen higher than current levels,” wrote Tran.

Platinum shines like gold for investors

Even as total demand for platinum is projected to fall by 5 percent to 7.82 million ounces in 2025, according to the WPIC, investment demand for platinum is expected to be up by 6 percent to 742,000 ounces.

Platinum is benefiting from the general trend toward safe-haven investment in precious metals as the Fed reverses its course monetary policy and moves toward lower interest rates.

With the gold price at record highs, investors are seeking out cheaper alternatives translating into rising inflows into platinum exchange-traded funds, and increased purchasing of physical bars and coins.

‘In terms of physical bar and coin demand, this year has been very much characterized by significant strength and demand out of China. So the Chinese market has just been growing basically from more or less zero back in 2019 to becoming the biggest market in the world for platinum investments products,’ said Sterck. ‘I think that momentum is likely to continue, but maybe not at quite the same sort of pace going into 2026.’

However, for 2026, the WPIC sees investment demand falling by 52 percent to 358,000 ounces, dampened by potential profit taking on the part of platinum exchange-traded fund (ETF) holders. Meanwhile, platinum bar and coin demand is expected to remain elevated, posting gains of 37 percent to 462,000 ounces.

Overall, the WPIC is forecasting total platinum demand to drop another 6 percent to 7.385 million ounces in 2026. This is still just slightly below the ten-year average, demonstrating the robust nature of demand for the metal.

Platinum miners still facing obstacles

More than 70 percent of the world’s total platinum mine supply comes from South Africa. The top platinum-mining countries are Zimbabwe (11 percent) and Russia (10 percent). Canada and the US round out the top five, but even together these two North American countries represent a mere 4 percent of global platinum production.

“This concentration makes the platinum market more vulnerable to mining disruptions or geopolitical risks in these countries,” stated Tran. “Throughout most of 2025, the supply and demand landscape for platinum has shifted significantly. Years of low prices placed considerable pressure on the mining sector, forcing companies to cut output, delay investments, or shut down operations with low profit margins. This led to a tightening of supply just as inventories declined after nearly three consecutive years of being drawn down by automakers to cover shortages.”

Refined production is expected to contract by 5 percent this year, at 5.51 million ounces compared to 5.77 million ounces in 2024. Platinum recycling will result in 1.619 million ounces of new supply in 2025, up 7 percent.

As such, platinum supply is forecast to decrease by 2 percent in 2025. According to the WPIC, it will come in at 7.404 million ounces. The organization notes that the resulting demand/supply imbalance is predicted to reach 692,000 ounces in 2025, representing a supply deficit for the third straight year.

“Demand for the metals constantly surpasses the supply. The situation becomes worse due to the tariffs, sanctions and supply disruptions,” said Murillo. While US President Donald Trump’s tariffs present a new wild card for many commodities markets, platinum included, South Africa’s power outages, heavy rain, increased mining costs and declining platinum grades also dragged down production of the metal in 2025.

Platinum market surplus expected in 2026

For 2026, total platinum supply is set to reverse course and grow by 4 percent to 7.4 million ounces.

Although the WPIC has predicted a surplus of 20,000 ounces in 2026, that’s still way below the 1,083 surplus set in 2022 during COVID. Calling the surplus “tiny”, Sterck emphasized that this forecast is highly predicated on a number of factors, namely assumed profit-taking in ETFs, CME inventories and entrenched structural supply challenges.

“If you look at our numbers, we’re expecting 170,000 ounces of profit taking from ETFs in 2026, which is obviously going to be contingent in itself on a high platinum price. I would say that there is probably a bit of a risk associated with that outlook,” he said. “The second area where the surplus of 20,000 ounces is contingent on is on 150,000 ounces flowing out of CME exchange stock inventories and being made available to the market.”

Sterck explained that if these two assumed events do not materialize in 2026, then the platinum market will remain in “a quite substantial deficit of approaching 400,000 ounces.’

He also pointed out that higher platinum prices will not necessarily solve the issues that led to a shortage of above ground platinum stocks and a deep deficit for the past three years.

“The main thing we’re dealing with here is that these are deep level, underground mines for the most part, and they’re not mines that you can flex output from rapidly,” said Sterck.

“Realistically, mine supply is likely to be at or around current levels for the foreseeable future.”

Platinum price forecast for 2026

Moving into 2026, some of the most consequential trends that could shape platinum prices include a shifting landscape for investment demand, continued mine supply constraints, and an economic slowdown.

“Altogether, high demand and supply deficit with international logistics problems make these metal prices go up. Both platinum and palladium were peaking throughout this year, reaching around US$1,700 per ounce. It’s important to understand that the supply deficit problem will not be solved overnight,” said B2Broker’s Murillo.

“So in 2026, the same situation might persist, and the prices will remain elevated at US$1,550 to US$1,670. If more supply shocks happen, they could even move up to US$2,340, but less likely.’

If safe-haven investment demand for alternatives to gold continues alongside persistent supply challenges in platinum, XS.com’s Tran sees platinum maintaining the US$1,800 per ounce range for 2026 with room to grow.

“In the medium term, the scenario of extending the rally toward around US$2,000 per ounce remains feasible, especially if the Fed maintains a dovish trajectory, capital flows continue rotating into metals beyond gold, and supply from South Africa does not recover more strongly than expected,” said Tran.

The expert cautioned that with platinum trading at multi-year highs and the market’s vulnerability to global economic fluctuations there is just as much potential for technical pullbacks.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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John Feneck, portfolio manager and consultant at Feneck Consulting, shares his thoughts on silver’s price breakout, as well as potential triggers for gold’s next move up.

He also discusses stocks he’s watching in sectors like gold, silver and ‘special situations.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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