"The real question is if demand on Platinum is high and...

"The real question is if demand on Platinum is high and stockpiles are at record lows, why is the spot only at 1450?"

It's a good question that I have been pondering. One has to realise that the processing of ore to platinum metal takes about six months so there is a large cushion in the supply. Also, as the following article points out there was quite a bit of stockpiling of ore in anticipation of the strike.

http://www.moneyweb.co.za/moneyweb-mining/platinum-seen-rising-as-producers-metal-stocks-nea

As the article says we have about six to eight weeks to go before supply constraints kick in, although I'd expect the PGM price to start moving before then.