As of: 2026-05-30
Each bar shows the individual value of an indicator (0--100). The percentage on the right indicates its weight in the overall score.
Red values signal fear, green values signal greed. The overall score is the weighted average of all indicators.
The chart shows the Fear & Greed Index over time. The colored zones mark the sentiment areas: Red = Fear, Yellow = Neutral, Green = Greed.
Navigation: Select the time period using the buttons (1M to Max). Hover over the chart to see the score on a specific day.
The Platinum Fear & Greed Index is based on six daily updated market indicators and a weighted scoring from 0 to 100. Platinum reacts strongly to automotive production data and South African supply disruptions, which can lead to abrupt sentiment changes.
Data sources: LBMA Fixing, spot prices, EUR/USD exchange rates. Updated daily on trading days. This index is for informational purposes only and does not constitute investment advice.
How the Index Is Calculated
The platinum-specific Fear & Greed Index combines six market indicators into a daily scoring. Each metric is scaled to the common 0--100 range and then weighted together -- the weighting accounts for the particular dynamics of the platinum market.
Calculation Formula
Score = ∑ (Indicatori × Weighti)
Each Indicatori ranges between 0 and 100, and the sum of all weights equals 1.0.
The 6 Indicators and Their Weights
Momentum
25 %Compares the current price with the 50-day moving average (SMA50). If the price is significantly above the average, greed prevails. If below, fear dominates. A distance of more than 10% from the SMA50 indicates an exaggeration.
Volatility
25 %Compares short-term volatility (10 days) with long-term volatility (60 days). A sharp increase in short-term volatility signals nervousness and fear. Stable volatility indicates composure.
Ratio Signal
15 %Analyzes the gold/silver ratio and other metal ratios. A rising ratio (gold gains relative to silver) signals a flight to safety = fear. A falling ratio shows risk appetite = greed.
Acceleration
15 %Measures whether the current price trend is accelerating or decelerating. Increasing upward acceleration signals greed -- more and more buyers are jumping in. A slowdown may indicate a trend reversal.
ATH Distance
10 %Measures the distance to the all-time high. The closer the price is to the ATH, the greedier the sentiment. A distance of over 20% indicates resignation and fear.
USD Strength
10 %Tracks the EUR/USD trend over 20 trading days. A weakening dollar is positive for precious metals (greed). A strengthening dollar depresses prices (fear).
Note: For copper, the ratio signal is omitted (weight 0%) since no meaningful reference ratio exists. The remaining indicators are weighted more heavily accordingly.
What the Values Mean
In the platinum market, the index often lingers in one zone for extended periods before switching abruptly. The shift is often triggered by changes in automotive production or supply disruptions in South Africa.
Extreme Fear
The platinum market collapses: automotive production crashes, weak jewelry demand or liquidity shocks trigger mass selling. Since platinum is less of a safe haven, it often falls harder than gold in crises.
Fear
Platinum investors are unsettled -- frequently due to bad news from the automotive industry or production interruptions in South Africa. However, the low price level relative to gold attracts early long-term buyers.
Neutral
The platinum market drifts sideways. Automotive production runs steadily, but without impulses from jewelry or investment demand, direction is lacking. Often a phase of repositioning before the next cycle.
Greed
Optimism returns: rising automotive production, hydrogen speculation or jewelry demand from China drive the platinum price. The historically low gold-platinum ratio fuels catch-up speculation.
Extreme Greed
Platinum euphoria -- rare but intense. Often driven by supply shortages from South Africa combined with strong industrial demand. In these phases, platinum is regularly celebrated as "the new gold" -- a classic overreaction signal.
Historical Patterns
Platinum's sentiment history is shaped by structural disruptions: the diesel scandal, the rise of electromobility and South African supply shocks have fundamentally altered the market.
Structural Crisis and Pessimism
After the VW diesel scandal in 2015, a years-long pessimism began in the platinum market. The price fell from over $1,100 to below $600. The index hovered in the fear zone for months -- not because of an acute crisis, but because the market fundamentally questioned the future of the diesel catalyst. As late as March 2020, platinum hit an 18-year low below $600.
Catch-Up Rallies and Hydrogen Speculation
Phases of extreme greed in platinum are rare but then all the more intense. In 2021, the price rose from $1,000 to over $1,300 within a few months, driven by hydrogen speculation (fuel cells require platinum) and supply concerns from South Africa. The index briefly climbed above 85. Such rallies were historically often short-lived because fundamental demand could not keep pace.
Platinum vs. Palladium: Mirror Sentiment
Particularly revealing: when the platinum index stands at "fear" and palladium simultaneously shows "greed," this reflects the gasoline-vs-diesel dynamic. Conversely, a stronger platinum score indicates increasing substitution -- automakers switching from palladium to platinum in gasoline catalysts.
Conclusion: Platinum is in a transitional phase: the old diesel world is fading, the new hydrogen world is still emerging. Sentiment signals are particularly valuable here because the market oscillates between fear of the old and hope for the new.
Contrarian Investing
Platinum offers contrarian investors a special starting position: the metal has traded below its historical average relative to gold for years -- a potential long-term opportunity.
Buy When There Is Fear
Platinum fear phases (index below 20) typically occur alongside weak automotive conditions and strong gold. The gold-platinum ratio then often rises above 2.0 -- an extreme value that historically indicated long-term catch-up potential. However, the recovery can take months since platinum benefits less from crisis buying than gold.
Be Cautious When There Is Greed
Platinum greed phases are rare and usually tied to specific catalysts: supply shocks from South Africa, hydrogen breakthroughs or speculative catch-up bets. When the index rises above 80 and the rally is primarily narrative-driven (without demand confirmation), heightened caution is warranted.
Conclusion: Platinum requires a longer investment horizon than gold or silver. The contrarian signal works -- but execution requires patience because structural changes (electromobility, hydrogen) move the market more slowly than short-term sentiment shifts.
Limitations & Pitfalls
Platinum's special position as a transition metal between the old diesel and new hydrogen world brings specific limitations:
- ◆ Thin market — The annual platinum market is significantly smaller than gold or silver. Even medium-sized positions from institutional investors can noticeably move the price -- the index cannot detect short-term distortions from individual players.
- ◆ Structural change overlays cycles — The long-term decline in diesel demand has shifted the "normal" price level downward. Historical comparisons of the sentiment index with the pre-2015 era are therefore of limited relevance.
- ◆ South Africa risk — Over 70% of platinum production comes from South Africa. Power outages (loadshedding), strikes or political instability can change the price overnight -- the index only captures such shocks with a delay.
- ◆ Substitution dynamics — The increasing use of platinum as a substitute for palladium in gasoline catalysts creates new demand sources that are not yet fully priced into the technical indicators.
Conclusion: Platinum's sentiment index must be read in the context of structural change. The classic contrarian interpretation works but needs supplementation through fundamental automotive market and supply analyses.
Frequently Asked Questions About the Fear & Greed Index
How often is the Platinum Fear & Greed Index calculated?
The calculation occurs once per trading day based on LBMA and spot market data. Since platinum is traded with less liquidity than gold, individual trading days can move the index more significantly.
Why does the platinum index often stand lower than gold?
Platinum has been in a structural downtrend relative to gold since the diesel scandal of 2015. The weaker long-term dynamics permanently depress the momentum and ATH indicators. A platinum index of 50 can already signal relative strength.
How does electromobility affect the index?
Electric cars do not require exhaust catalysts and therefore no platinum. Advances in EV adoption can push the platinum index down through negative demand expectations. At the same time, hydrogen fuel cells require significant amounts of platinum -- but this countertrend is not yet reflected in prices.
Can I use the index for gold-platinum reallocations?
Yes, in combination with the gold-platinum ratio. When the platinum index stands at "extreme fear" and the gold-platinum ratio is above 2.0, this indicates a historical undervaluation. However, reallocations require a horizon of 1--3 years.
How do South African power outages affect the index?
Loadshedding in South Africa reduces platinum production and can drive the price short-term, pushing the index toward greed. However, the effect is often short-lived since it is supply-driven rather than demand-driven. Sustainable sentiment changes require fundamental demand surges.
Is platinum a better contrarian investment than gold?
Platinum theoretically offers more contrarian potential because it is more heavily undervalued (relative to gold). However, execution is more difficult: less liquid, fewer investment products available and a structurally uncertain demand outlook. For patient investors with a long horizon, platinum can nevertheless be more attractive.