金银之后，又一贵金属价格接棒暴涨

Core Viewpoint - Platinum prices have surged significantly this year, with a nearly 90% increase, surpassing gold's gains, indicating a potential shift in consumer interest towards platinum jewelry [1][2]. Price Trends - NYMEX platinum futures have risen by 105% this year, marking it as the second precious metal to double in price after silver [2]. - Since November, NYMEX platinum futures have increased by over 15%, with notable price jumps of 28% in June and 17% in September [2]. Supply and Demand Dynamics - A supply crisis emerged between May and July due to extreme weather in South Africa, aging mines, and power shortages, leading to a 13% year-on-year decline in global platinum supply [3]. - The World Platinum Investment Council (WPIC) forecasts a global platinum market shortage of 26.4 tons by 2025, despite a 4% expected decline in total demand to 244.8 tons [3]. Market Behavior - The supply shortage is exacerbated by geopolitical factors and inventory accumulation in response to U.S. tariff policies, tightening the London market [4]. - In Shenzhen's Shui Bei market, there is a noticeable shift from gold to platinum jewelry, with many retailers reducing gold displays in favor of platinum due to rising prices and consumer interest [5]. Consumer Sentiment - Discussions around platinum have increased on social media, with many consumers viewing it as a valuable investment alternative to gold, especially as gold prices rise due to added taxes [8]. - Retail prices for platinum jewelry have seen fluctuations, with current prices around 440 yuan per gram, up from 310 yuan earlier in the year [7]. Future Outlook - Analysts predict that platinum prices may continue to rise, with estimates suggesting a potential price of $2,170 to $2,300 per ounce by 2026, significantly higher than other forecasts [11]. - The ongoing demand from both traditional automotive catalysts and emerging hydrogen energy applications is expected to further widen the supply-demand gap [11].