Core Viewpoint - Platinum has experienced a significant price surge, with a monthly increase of over 28% in June and a year-to-date increase of approximately 60%, outperforming silver and gold [1][5]. Supply Factors - The price increase of platinum is attributed to multiple structural factors, particularly a reduction in supply due to mining cutbacks. South Africa, the largest platinum producer, has seen a substantial decrease in production due to adverse weather conditions [5]. - According to the World Platinum Investment Council (WPIC), the total global supply of platinum in the first quarter of 2025 is projected to be 45.3 tons, a 10% year-on-year decline, with mined supply down 13% to 33.7 tons [5]. Demand Factors - Industrial demand for platinum is on the rise, driven by the hydrogen energy sector and automotive production. Additionally, both consumer and investment demand for platinum have increased significantly [5]. - The WPIC reports a 9% year-on-year increase in demand for platinum in the jewelry sector in the first quarter of 2025, alongside a substantial rise in investment demand [5]. Market Dynamics - The significant price increase of platinum is influenced by supply-demand imbalances, a flight to safety by investors, and its potential as an alternative to gold. The current geopolitical tensions and inflation expectations have led investors to allocate funds to precious metals [7]. - Despite its financial attributes, platinum is unlikely to fully replace gold as a safe-haven asset due to differences in recognition, market size, and liquidity [7]. Future Outlook - If the global supply of platinum continues to be constrained and demand from sectors like hydrogen energy grows, there may be further price increases. However, uncertainties regarding the hydrogen sector and structural changes in the automotive industry could introduce demand volatility [7].
铂金价格一路飙涨 能平替黄金?
Sou Hu Cai Jing·2025-07-24 01:56