金银之后，铂钯接棒！

Core Viewpoint - The geopolitical tensions have escalated, leading to increased demand for safe-haven assets, which has driven up the prices of precious metals like gold, silver, platinum, and palladium. This has resulted in significant year-to-date gains for these metals, with silver, platinum, and palladium rising by 128%, 112%, and 80% respectively [1] Group 1: Macro Environment - The surge in platinum and palladium prices is linked to a favorable macroeconomic environment, with expectations of a shift in Federal Reserve policy and a weaker dollar contributing to the rise in precious metal prices [2] - Investor demand, central bank purchases, and expectations of lower interest rates in 2026 are supporting precious metal prices [2] - Funds are shifting from historically high gold and silver prices to relatively undervalued platinum and palladium, creating a noticeable capital outflow effect [2] Group 2: Supply and Demand Dynamics - The fundamental logic supporting platinum's rise is rooted in supply vulnerabilities, with over 70% of platinum produced in South Africa facing challenges such as aging mines and power shortages [3] - South Africa's platinum group metals production fell by 13% year-on-year in Q1, with expectations of a 6% decline for the entire year of 2025 [3] - The World Platinum Investment Council (WPIC) forecasts a supply shortfall of 850,000 ounces in the platinum market by 2025, with supply expected to remain constrained in the coming years [3][4] Group 3: Industrial Demand - The demand for platinum in automotive catalysts remains resilient, with stricter emission regulations increasing the amount of platinum used per vehicle [5] - The rise of the hydrogen economy is opening new growth avenues for platinum, as it is essential in fuel cells and hydrogen production processes [5] - Investment demand is also active, particularly in China, which is the largest platinum consumer market, with the introduction of platinum and palladium futures providing new investment opportunities [6] Group 4: Future Outlook - The WPIC anticipates a slight decline in palladium demand from 2024 to 2029, but a potential oversupply will not materialize until 2029, depending on the growth of recycling supply [7] - Analysts suggest that the platinum market will remain in a tight supply-demand balance for the next three years, with limited production growth and ongoing demand from various sectors [8] - The overall sentiment for platinum and palladium prices remains optimistic, supported by macroeconomic factors and ongoing supply constraints [9]