A spotlight is at last being shone into the dark area of secret platinum stocks, which have been befuddling our platinum price right through the longest period of undersupply in South Africa’s history – the five-month strike on the platinum belt. This light is giving a glimpse of what the new World Platinum Investment Council (WPIC) refers to as vaulted metal holdings that have been held confidentially since 2008, when mining and recycling supply exceeded demand for several years in the wake of the global financial crash. In its inaugural quarterly report, the WPIC forecasts that these above-ground stocks will have fallen to 2.56-million ounces by year-end from 4.14-million ounces at the end of 2012. While that is great news, the huge above-ground stock level still eclipses this year’s 850 000 oz platinum deficit in the transparent part of the market. For platinum investment to return meaningfully, far greater transparency is needed, along with sales agreements similar to those that the gold industry reaches with central banks.