Market diagnosis: Platinum's correction from the January all-time high of $2,734/oz continues — PL=F settled at $1,567.70/oz, down 42.7% from the peak and 26.3% below its 2026 opening price. The sell-off is macro-driven: hawkish Fed guidance (three rate hikes now priced for 2026 under Chair Warsh), a strengthening dollar, and fading geopolitical risk premiums following the US-Iran peace agreement are crushing precious metals across the board. Beneath the macro headwinds, fundamentals remain structurally supportive — the WPIC projects a 297,000 oz deficit for 2026, marking the fourth consecutive annual shortfall. Above-ground inventories have been drawn to the lowest level since 2014 (~4 months of demand coverage). South Africa (70-80% of global mine supply) faces deepening energy instability and rising cost inflation. The risk-reward is shifting asymmetric to the upside at $1,568 — the deficit floor provides structural support near $1,400-1,500, while the hydrogen economy thesis (WPIC forecasts +875-900K oz new demand by 2030) offers a long-term demand catalyst.