Monday's PGM news centered on demand-side marketing rather than mine supply: a JCK feature detailed the fallout from Platinum Guild International's US exit, and a South Korean research team published a catalyst advance that sharply cuts platinum use in hydrogen electrolyzers. Only two stories met DailyPlatinum's 48-hour freshness bar today, so this is a shorter report with recent context included below.
Top stories#
PGI's US exit leaves a marketing void, JCK reports#
A JCK feature published today examined the impact of Platinum Guild International's decision to close its New York office by the end of this year, part of a wider restructuring that also closes PGI's Japan, South Korea and Hong Kong offices, leaving dedicated operations only in China and India from 2027. PGI USA president Jenny Luker told JCK the move "reflects a change in operating structure, not a change in confidence in these markets." The article traced the funding behind the decision: PGI USA was historically funded by a consortium of South African producers before Anglo American Platinum, since spun off as Valterra Platinum, became its sole backer in 2023, leaving the office reliant on one company's budget. JCK also cited WPIC's September Platinum Quarterly forecast of a 15% drop in global platinum jewelry demand this year to 1.88 million ounces, with the decline concentrated in China, where jewelry fabrication dropped sharply in the second quarter. The closure removes a long-standing US demand advocate just as producers redirect marketing budgets toward Asia. For background on retail demand, see DailyPlatinum's guides to platinum coins and platinum bars.
Seoul team's single-atom catalyst cuts platinum use 63% in electrolyzer test#
Researchers at South Korea's Institute for Basic Science announced today a catalyst design that raises platinum content to 14.9% while keeping the metal dispersed as individual atoms, work published in Nature Synthesis on October 22, 2026. Tested in a proton-exchange-membrane water electrolyzer, the catalyst cut platinum use at the electrode by roughly 63% against a commercial catalyst and slowed the voltage-rise rate linked to degradation to about a quarter of the baseline over a 500-hour run. Researcher Lee Byung-hoon said the method "can be applied not only to platinum but also to iridium and rhodium." The team cautioned that results so far come from a lab-scale device and that durability at commercial-stack scale still needs verification. If it scales, the approach could ease platinum demand growth from green-hydrogen electrolyzers, a trend relevant to readers following DailyPlatinum's PGM catalysts page.
Recent context (past 7 days)#
Zimplats confirmed on 30 October 2026 that long-serving CEO Alexander Mhembere would retire effective 1 November 2026 after 19 years, with Dr Stanley Segula, previously managing director of Zimbabwe Platinum Mines, named as successor. Separately, Sibanye-Stillwater disclosed on 29 October 2026 that UBS Group AG had raised its beneficial interest in the company's ordinary shares to 5.03%, a standard disclosure threshold under South African takeover rules, with no indication UBS intends a takeover.
Prices and market context#
Platinum traded at $1,428.00 per troy ounce as of 7:36 a.m. ET on 2 November 2026, down $1.00 on the day, according to Kitco spot pricing. Palladium traded at $956.00 per troy ounce as of 7:19 a.m. ET the same day, down $5.00, per Kitco. Both metals remain well below their 2026 peaks: platinum touched an all-time high of $2,923/oz on 26 January 2026, according to the World Platinum Investment Council. WPIC's most recent Platinum Quarterly, published 9 September 2026, revised its 2026 outlook to a 265,000-ounce surplus from a previously forecast 297,000-ounce deficit, while estimating the 2025 deficit at over 1 million ounces and above-ground stocks at roughly 3.4 months of demand by year-end 2026. Track live levels on DailyPlatinum's platinum price page and palladium price page.
What to watch#
- 31 December 2026: PGI's New York, Japan, South Korea and Hong Kong offices close as the group consolidates in China and India.
- Ongoing: Whether UBS's enlarged Sibanye-Stillwater stake is followed by further disclosures.
- Through 2026: Early signs of industry follow-up on the IBS team's single-atom platinum catalyst design.
- From 1 November 2026: Zimplats' operations under new CEO Stanley Segula, including progress on its Selous renewable energy build-out.
Sources#
- JCK – PGI's Exit Leaves U.S. Platinum Without Its Biggest Champion
- BigGo Finance – Single-Atom Catalyst Cuts Platinum Use by 63%
- TipRanks – Zimplats CEO Mhembere Retires, Segula Appointed to Lead Next Growth Phase
- PresseBox – Notification of an acquisition of beneficial interest in securities by UBS Group AG
- Kitco – Platinum Price Today and Palladium Price Today