铂金暴涨：认知之外的钱你敢赚吗？

Core Viewpoint - The recent surge in platinum prices, which has outpaced gold, is driven by a combination of market dynamics and investor behavior, but it is essential to recognize the fundamental differences between platinum and gold as investment assets [1][4][10]. Group 1: Price Dynamics - Since May 15, 2025, platinum prices have skyrocketed, with a weekly increase of 10% and a total rise of over 50% by June 27, 2025, reaching over 320 yuan per gram [1]. - In contrast, gold prices have experienced volatility, initially rising to historical highs before a significant drop, leading many investors to seek alternatives like platinum [1][10]. - Chinese customs data indicates that prior to the price surge, imports of platinum reached a record high of 11.5 tons in April 2025, reflecting increased demand from jewelers and investors [1][10]. Group 2: Market Sentiment and Investor Behavior - The current platinum market is characterized by a mix of speculative investment and a shift in demand from gold, as some investors view platinum as a substitute for gold amidst rising gold prices [4][10]. - The allure of platinum is further fueled by its historical price relationship with gold, where it once traded at a premium, leading to renewed interest from seasoned investors [5][10]. - However, the market is also plagued by issues of counterfeit products, with reports of fake platinum jewelry circulating, which has raised concerns among consumers [1][15][16]. Group 3: Fundamental Differences Between Platinum and Gold - Unlike gold, which has established itself as a global reserve asset, platinum's financial attributes are limited due to its concentrated supply, with South Africa and Russia controlling a significant portion of global reserves [5][6][10]. - The industrial demand for platinum, primarily used in automotive catalysts, has declined due to the rise of electric vehicles, which further complicates its investment appeal [5][6][10]. - Historical trends show that platinum's price is highly sensitive to economic conditions, with past downturns linked to industrial demand drops, contrasting with gold's status as a safe-haven asset during economic turmoil [6][10].