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The paper investigates whether there are periods when platinum prices follow the random walk process (weak-form efficient) and periods when they deviate from the random walk theory (mean reversion). Monthly log returns of platinum prices are examined using the Augmented Dickey-Fuller test (ADF) and a GARCH model with time-varying properties. A GARCH model with time-varying properties is able to capture periods when the random walk theory may be true and periods when it may be false. This studydoi:10.5901/mjss.2014.v5n14p77 fatcat:vl527ebfqjfz3frncxe26eqhdy