Prices of platinum, which is used in everything from jewelry to fuel cells, are soaring. Last year platinum outpaced other precious metals including gold, silver and palladium to gain more than 13%, after rocketing over 26% in the last three months — its best quarter since 2008. In January so far, it has already posted gains of more than 2% month-to-date. The metal — believed to be the rarest of all precious metals — is used in the defense and aerospace industries, especially in jet and rocket engines, as well as in the manufacture of detergents, fertilizers, plastics and explosives. It is also used in hydrogen fuel cell vehicles, where hydrogen is passed through platinum catalysts. China has imported high amounts of platinum since 2019, according to the World Platinum Investment Council, which has left limited above-ground supply for the rest of the world. How to play the sector There are several ways for investors to gain exposure to platinum, including through exchange-traded funds, the majority of which are physically backed. The Aberdeen Standard Platinum Shares ETF, the GraniteShares Platinum Trust and the iPath Series B Bloomberg Platinum Subindex Total Return ETN are among the funds that track the metal. Last year, the sector well outperformed the overall market, which plunged in 2022. The Aberdeen Standard Platinum Shares ETF, for instance, rose 10% — jumping over 20% in the last six months alone. By contrast, the S & P 500 tumbled around 20% in 2022. Stock screen There are also ETFs that track the mining industry more broadly but include platinum producers, such as the iShares MSCI Global Metals & Mining Producers ETF. CNBC Pro screened this fund for platinum producers and miners that fulfill the following criteria: Upside to average price target of at least 15%; Buy ratings from 50% or more analysts covering them. Three names turned up in the screen: Sibanye Stillwater, the world’s largest primary producer of platinum, has the highest upside potential to its share price, according to FactSet data, at 22%. Over half of analysts covering the stock gave it a buy rating. The firm also produces other metals like gold. Its shares fell around 9% in 2022. Commodity trading and mining firm Glencore, which doesn’t just produce platinum, also made the list. It has the highest buy rating — from more than 75% of analysts — according to FactSet. It also performed best of the three stocks in 2022, rocketing 47% last year. Analysts give Glencore an average 17% upside to its current share price, according to FactSet data. — CNBC’s Hannah Ward-Glenton, Pippa Stevens contributed to this report.