Platinum has surpassed $1,590 per troy ounce for the first time since April 2013. By the end of Friday’s trading session, the October futures contract had gained nearly 4%.

The spike has been driven by a frenzy among jewelers and investors, who, panicked by gold’s rally, have turned their attention to platinum—hoping to find a shelter and high investment returns. There is just one problem: platinum has been in deficit for the third year in a row, with production dropping to a record low of 7 million ounces. It seems unlikely that the market will be hosting a “platinum party” anytime soon.

Demand has spiked, supply has dropped, investors are anticipating fat profits, and analysts are betting on a further bullish momentum. It seems platinum has decided that if gold has flown too high and become overbought, it is time to assert its strength and manifest its features of a true luxury metal.