年内暴涨90%！昔日“贵金属之王”归来！

Group 1 - The core focus of the article is the significant price increase of platinum, which has risen by 90% this year, amidst a broader surge in precious metals like gold, silver, and copper, all reaching historical highs for the first time since 1980 [1][4] Group 2 - Platinum's price surge can be traced back to its previous years of low performance, with its mining being highly concentrated and difficult, as approximately 90% of global platinum production comes from South Africa and Russia [5][6] - Historically, platinum was in high demand due to its use in automotive catalysts, especially during the early 2000s when China's automotive market expanded rapidly, leading to a structural bull market for platinum [5][6] - The price of platinum peaked at $2,273 per ounce in 2008 but fell over 60% that same year due to the global financial crisis, marking the end of its "golden era" [6][7] Group 3 - After 2011, platinum prices struggled to recover, as gold began to surpass platinum in value, and the demand for platinum in the automotive sector declined due to the rise of electric vehicles [9][10] - The COVID-19 pandemic in 2020 further weakened supply and demand for platinum, but it also marked the beginning of a recovery in demand for platinum in automotive catalysts due to technological advancements [13][14] Group 4 - Currently, the platinum market is experiencing a significant supply shortage, with a projected deficit of 22 tons for the third consecutive year, driven by a lack of new investments in mining projects [18][19] - The demand for platinum is expected to grow due to its industrial applications, particularly in hydrogen fuel cells and AI data centers, which are projected to double their power demand by 2030 [23][24] Group 5 - Investment interest in platinum has increased this year, with a 140% year-on-year surge in demand for platinum bars in China, making it the largest retail investment market for platinum [27] - The market for platinum jewelry is also recovering, with significant sales growth in China and India, indicating a shift in consumer preferences [27][28]