However, GFMS analysts also expect platinum "to exceed the $1,700/oz level by the end of this year," so investors are hopeful that the white metal may see gains yet. The firm made its projection on the basis that rising platinum demand will be outweighed by significant decreases in mine supply and production.

Meanwhile, the average price of platinum's sister metal, palladium, is expected to see gains of 9 percent from 2013. GFMS believes it has already bottomed out for this year. "Robust demand is expected to propel the price of palladium towards a test of $930 before year-end. This year's average is forecast at $793 /oz," the firm said.