This edition of Platinum Quarterly presents platinum supply and demand developments for the second quarter of 2023, as well as an updated outlook for 2023. It also provides WPIC’s views on issues and trends relevant to investors considering exposure to platinum as an investment asset, plus an update on how our product partnerships continue to meet investors’ needs. The Platinum Quarterly data and commentary (starting on page 6) are prepared independently for WPIC by Metals Focus.2023 forecast deficit increases to 1,005 koz, equivalent to 12% of projected annual demand • Updating the outlook for 2023, the platinum deficit is now projected to total 1,005 koz, 2% higher than the deficit presented in the last Platinum Quarterly. The updated deficit equates to a material 12% of projected full-year demand in 2023, the highest percentage on record. Demand in 2023 is expected to total 8,230 koz (+27% year-on-year), with automotive demand up 381 koz (year-on-year), industrial demand up 336 koz (to a record level in our series), and investment demand improving from net-negative to positive 386 koz. The outlook for jewellery remains muted, with demand effectively flat year-on-year. Total supply is now forecast to be flat year-on-year at 7,224 koz, with conditions remaining challenging for both primary and secondary supply. Total supply is expected to be 7% below the average annual output since 2013. Recycling supply has been downgraded by 4% from last quarter, on a continued shortage of end-of-life vehicles.