Core Viewpoint - Platinum has emerged as a new favorite in the precious metals market, with prices rising significantly due to supply shortages and strong demand, particularly in China [1][2]. Group 1: Price Dynamics - As of June 13, 2025, spot platinum prices reached $1,300 per ounce, with a notable increase to $1,285.58 per ounce on June 11, marking a nearly ten-year high [1]. - The World Platinum Investment Council (WPIC) forecasts a supply deficit of 30 tons for the year, marking the third consecutive year of supply shortages in the global platinum market [1][4]. - The price of platinum is currently lower than that of gold, providing a clear cost advantage that has stimulated demand in the jewelry sector [2]. Group 2: Demand Factors - Demand for platinum bars and coins in China doubled year-on-year in Q1 2025, surpassing North America to become the largest retail investment market for platinum globally [2]. - The recovery of the platinum jewelry market and strong investment demand are key drivers of the rising prices [2][3]. - The automotive sector is also contributing to demand, with a narrowing decline in total platinum demand, which reached 95 tons, higher than the five-year average [4]. Group 3: Market Sentiment and Investment Trends - Since mid-May, global platinum ETF holdings have increased by over 3%, indicating a significant influx of capital into platinum-related assets [3]. - The Abrdn Physical Platinum Shares ETF (PPLT) saw its size grow from approximately $1 billion to $1.4 billion over two months, reflecting organized capital allocation towards platinum [3]. - The Asian market, particularly in Japan and China, is experiencing heightened activity in platinum investments, with new retail outlets emerging [3]. Group 4: Supply Constraints - South Africa, the largest platinum producer, is expected to see a 4% decline in production in 2024, with a projected 15% reduction over the next five years [4]. - WPIC anticipates that global mined platinum supply will be 171 tons in 2025, a 4% decrease from the previous year, with slow development in recycling systems failing to fill the gap [4]. Group 5: Investment Considerations - While platinum has significant long-term appreciation potential, it is subject to high short-term volatility, necessitating careful investment strategies [5]. - Investors are advised to consider the interplay of supply-demand fundamentals, capital flows, and macroeconomic conditions when investing in platinum [5].

Group 1 - International precious metals futures generally rose, with COMEX gold futures up 1.48% to $3452.60 per ounce, and a weekly increase of 3.17% [1] - COMEX silver futures increased by 0.21% to $36.37 per ounce, with a weekly rise of 0.64% [1] - Analysts noted that escalating geopolitical tensions have heightened market risk aversion, supporting the safe-haven status of precious metals [1] Group 2 - Huishang Futures indicated that the safe-haven attribute of gold will limit its downside potential, predicting continued high-level fluctuations in gold prices [1] - The resilience of the U.S. economy may provide some support for silver's industrial demand, with potential for further correction in the gold-silver ratio [1] - Long-term factors such as stagflation risks, rising dollar credit risks, and central bank gold purchases are expected to provide core support for gold [1] Group 3 - New Century Futures reported that as of June 11, SPDR Gold ETF saw an outflow of 1.45 tons, indicating a bearish sentiment among institutional investors [4] - As of June 3, CFTC's non-commercial net long positions in gold increased by 13,721 contracts to 187,905 contracts, reflecting a bullish sentiment among speculators [4] Group 4 - Industrial Futures stated that the long-term outlook remains favorable for gold prices, maintaining a judgment of upward movement in the gold price's mid-term center [6] - The World Gold Council reported that in May, global physical gold ETFs experienced an outflow of approximately $1.8 billion, ending a five-month streak of net inflows [6] - The total assets under management for global gold ETFs fell to $374 billion by the end of May due to price volatility [6]

贵金属日报: 地缘局势升温 黄金受益上涨 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年6月13日 【行情回顾】 周四贵金属市场黄金和铂金上涨，白银和钯金震荡调整。周四晚间公布的美PPI略低于预期，以及周度 初请失业金人数高于预期，推升年内降息预期，美指与美债收益率双双下行，叠加中东地缘局势升温为金 价上涨提供重要支持，并伴随油价大涨。周五亚洲早盘时段，以色列对伊朗实施空袭，并引发伦敦金突破 3400关口。最终COMEX黄金2508合约收报3406.4美元/盎司，+1.88%；美白银2507合约收报于36.41 美元/盎司，+0.41%。 SHFE黄金2508主力合约收报785.16元/克，+1.04%；SHFE白银2508合约收 8819元/千克，-0.88%。 【降息预期与基金持仓】 【本周关注】 本周数据方面重点关注周五密西根大学消费者信心指数。事件方面，本周进入6月19日美联储FOMC会 议前一周的美联储官员噤声期。 【南华观点】 中长线或偏多，短线走势分化，强弱相互切换，伦敦金关注3400支撑，下一阻力位上移至3438，强 阻力3500。伦敦银 ...

面对铂金价格的高涨，一些精明的商家已经开始调整策略，加大了对铂金产品的推广力度，并推出了多种优惠 活动以吸引顾客。对于消费者而言，这既是机遇也是挑战，如何在合适的时机入手，成为了许多人思考的问 题。 随着铂金价格的不断攀升，它无疑成为了当前贵金属市场上的一颗耀眼明星。未来，铂金是否会继续保持这样 的增长势头，值得所有市场参与者密切关注。 随着国际金价的波动加剧，国内品牌首饰金价在近期一度突破每克千元大关，激发了全国各地新一轮的"淘金 热"。然而，在黄金价格持续攀升的同时，铂金这一贵金属也不甘示弱，其价格同样迎来了显著上涨。 据最新数据显示，6月11日现货铂金单日涨幅接近4%，达到了近年来的新高点，报价为1264.20美元/盎司。自年 初以来，铂金的价格已经累计上涨约35%，这一涨幅已超过同期黄金的表现，成为投资者和消费者关注的新焦 点。 在中国各大知名珠宝品牌如周大福、六福珠宝及周六福等门店内，尽管黄金依旧占据主导地位，但铂金饰品因 其独特的魅力和投资价值，正逐渐吸引更多的目光。商家们注意到，越来越多的消费者开始转向购买铂金饰 品，这不仅因为其美丽的外观，还因为其作为一种投资工具所展现出的强大增值潜力。 专家 ...

Core Viewpoint - Recent surges in platinum and silver prices have captured market attention, driven by a combination of technical factors, supply-demand dynamics, and heightened global risk aversion [3][4][8]. Platinum Market Summary - Year-to-date, spot platinum has seen a cumulative increase of 40.14%, with a notable rise of 22.78% from May 15 to June 11 [3][8]. - On June 11, platinum prices reached $1285.58 per ounce, marking a four-year high, influenced by speculative investments and a shift in market dynamics [3][8]. - The current market is characterized by a "gold-silver-platinum" rally, driven by increased global risk aversion and geopolitical tensions [3][8]. - Analysts predict a structural supply shortage in platinum, with a projected shortfall of 96,600 ounces by 2025, as supply struggles to keep pace with demand [8][9]. Silver Market Summary - Silver prices have also surged, with a cumulative increase of over 9% recently, surpassing $36 per ounce for the first time since February 2012 [4][5]. - The rise in silver prices is attributed to increased demand from the photovoltaic industry, with global solar installations expected to exceed 600 GW in 2024 [5][7]. - The silver market is facing a widening supply-demand gap, with projected global silver supply growth at only 1.2% from 2024 to 2027, while demand is expected to grow at 2.9% during the same period [7][9]. - The current gold-silver ratio remains high, indicating potential for further silver price appreciation as the market corrects [7][9]. Investment Dynamics - The platinum market is transitioning towards a strategic resource, with a notable shift in investment logic due to supply constraints and the rise of hydrogen energy applications [8][11]. - Short-term pressures may arise from inventory releases and declining demand from high-net-worth individuals, but long-term drivers are expected to support price increases [10][11]. - The silver market is also experiencing a dual demand dynamic, with both industrial and investment needs contributing to price support amid macroeconomic fluctuations [5][9].

| Milli | 国技期货 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年06月11日 | | 黄金 | な☆☆ | 刘冬博 高级分析师 | | 白银 | ★☆★ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | ★鸟称谈论乌俄第三轮谈判的任何准备工作仍为时过早。欧盟委员会主席冯德莱恩:呼吁俄乌立即无条件停 火，持续至少30天。俄驻美大使：俄美新一轮会谈将于近期在莫斯科举行。 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 【星级说明】红色星级代表预判趋势性上涨,绿色星级代表预判趋势性下跌 ★☆☆ 一颗星代表偏多/空,判断趋势有上涨/下跌的驱动,但盘面可操作性不强 ★★☆ 两颗星代表持多/空,不仅判断较为明晰的上涨/下跌趋势,且行情正在盘面发酵 隔夜贵金属震荡。近期市场风险偏好修复给金价带来一定压力，但白银受益于商品的反弹向上突破刷新2012 年以 ...

Group 1: Market Overview - The global silver market is experiencing a significant rise, with silver prices reaching a new high not seen in over a decade, driven by geopolitical tensions, a weakening dollar, and a recovery in global manufacturing [1][2] - As of June 9, 2023, COMEX silver futures prices surpassed $37 per ounce, marking the highest level since February 2012 [2] - The demand for precious metals, particularly silver and gold, has increased due to heightened market risk aversion amid economic downturn pressures and uncertainties in U.S. Federal Reserve policies [2] Group 2: Supply and Demand Dynamics - The World Silver Association's report indicates that silver supply and demand will remain structurally tight in 2024, with a projected demand drop of 3% year-on-year, while industrial silver demand is expected to grow by 4% to 680.5 million ounces [3][4] - Industrial sectors, particularly electric vehicles, 5G communication devices, and semiconductors, are driving the demand for silver, with photovoltaic (solar) applications being a key factor [3] - The report highlights a significant discrepancy in solar silver demand forecasts, with the World Silver Association predicting 195.7 million ounces for 2025, while Montreal Bank Capital Markets estimates 261 million ounces, a difference of 33% [3] Group 3: Investment Trends - Investment demand for silver coins and bars is projected to decline by 22% in 2024, while silver ETFs are not included in the overall demand statistics, indicating a net inflow that could lead to a supply-demand gap of 210.5 million ounces, the second-highest in history [4] - The anticipated supply-demand gap for 2025 is expected to remain significant at 187.6 million ounces [4] Group 4: Mexico's Position - Mexico continues to be the world's largest silver producer for 16 consecutive years, with a notable increase in silver production expected in 2024, contributing over 3.8 million ounces to North America's output growth [5][6] - The rise in silver prices is expected to enhance Mexico's export revenues and fiscal income, while the global manufacturing chain is restructuring, increasing reliance on precious metals for industries like photovoltaics and electric vehicles [5][6] - Challenges for Mexico include aging mining infrastructure, uncertainties in U.S. metal import tariffs, and stricter environmental regulations impacting traditional mining practices [6]

Group 1 - The Shanghai Gold Exchange issued a notification on June 9, emphasizing the need for market risk control due to recent instability and significant fluctuations in precious metal prices [1] - This is the sixth risk warning issued by the exchange in 2023, with three warnings issued in April alone, indicating heightened market volatility during that month when international spot gold prices reached a historical high of $3,500 per ounce [1] - On the same day, both spot and futures gold prices experienced a decline of approximately 1%, with 14 gold-themed ETFs collectively retreating, and 13 of them falling over 1% [2] Group 2 - Other precious metals like platinum and silver have shown active performance, with spot platinum surpassing $1,200 per ounce and achieving a year-to-date maximum increase of 34% [3] - Spot silver reached $36 per ounce, marking a 13-year high and a year-to-date increase of over 25% [3] - The holdings of silver ETFs in the U.S. increased by 2.2 million ounces last Thursday, while a domestic silver fund saw a rise of over 10% in June, with a nearly 19% increase year-to-date [3] Group 3 - As of the end of May, China's gold reserves stood at 73.83 million ounces, reflecting a month-on-month increase of 60,000 ounces and a continuous growth trend for seven months, totaling an increase of 1.03 million ounces [2] - The net long positions in gold have been fluctuating around 1,000 contracts weekly, with a notable increase of 13,000 contracts to 130,000 contracts in the week ending June 3 [3] - Citigroup's report suggests that concerns over U.S. assets due to factors like tax reform may lead investors to consider gold and non-U.S. equities as protective measures for their portfolios [3]

Report Industry Investment Rating - Not provided in the content Core View - The uncertainty of Trump administration's tariff policy, continuous gold purchases by central banks of multiple countries, and geopolitical risks make precious metal prices likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions on pullbacks. Pay attention to certain support and resistance levels for different gold and silver markets [1] Summary by Related Catalogs Gold and Silver Market Data - **Shanghai Gold**: Closing price, trading volume, open interest, inventory, and price spreads (near - far month, spot - futures) showed various changes from different time points. For example, the closing price on 2025 - 06 - 09 was 772.01 yuan/gram, with a change of - 7.55 compared to a previous period [1] - **Shanghai Silver**: Similar to Shanghai Gold, data on closing price, trading volume, open interest, inventory, and price spreads had different changes. For instance, the closing price on 2025 - 06 - 09 was 8839 yuan/kg [1] - **COMEX Gold and Silver**: Closing price, trading volume, open interest, inventory, and price spreads also had corresponding changes. The closing price of COMEX gold futures active contract on 2025 - 06 - 09 was 3331.00 [1] - **London Gold and Silver**: London gold spot price was 3339.90 dollars/ounce on 2025 - 06 - 09, and London silver spot price was 36.19 dollars/ounce [1] Important Information - **Geopolitical**: Iran said it would strike Israel's secret nuclear facilities if attacked by Israel; there was an escalation of unrest in Los Angeles, and Trump made related remarks [1] - **Macroeconomic and Monetary Policy**: Trump's tariff policy caused concerns about inflation rebound. US May non - farm payrolls were 18.9 million, average hourly earnings rate was 3.9%, delaying the Fed's expected rate - cut time to September/December. The European Central Bank cut interest rates by 25 basis points in June, the Bank of England cut rates in May, and the Japanese central bank may raise rates around July [1] Trading Strategy - Investors are advised to mainly lay out long positions on pullbacks. For London gold, pay attention to support around 3000 - 3200 and resistance around 3500 - 3700; for Shanghai gold, support around 730 - 750 and resistance around 840 - 900; for London silver, support around 31 - 34 and resistance around 38 - 40; for Shanghai silver, support around 8300 - 8500 and resistance around 9500 - 10000 [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The US economic data is further weakening, and the gradual resolution of the debt - ceiling issue will increase the pressure of US Treasury bond issuance in the second half of the year. The Fed's further interest - rate cuts are necessary, which will drive the silver price to continue to be strong [2][3]. - The Senate plans to announce the revised healthcare provisions of Trump's fiscal bill this week, and Republicans are eager to complete the legislation before July 4. Once the bill is passed, the debt - ceiling issue will be resolved, and the issuance pressure of US Treasury bonds will significantly increase under the background of loose fiscal policy. Given the high policy interest rate of the Fed, interest - rate cuts are crucial for controlling the interest expenditure of US Treasury bonds [3]. - Based on the trends of economic data and the issuance path of US Treasury bonds, it is certain that the Fed will further lower interest rates in the second half of the year [3]. - Currently, it is recommended to maintain a long - position thinking in the precious - metals strategy. Against the background of the expected marginal loosening of the Fed's monetary policy, the silver price will perform more strongly. The reference operating range of the main contract of Shanghai Gold is 756 - 809 yuan/gram, and that of the main contract of Shanghai Silver is 8545 - 9500 yuan/kilogram [3]. 3. Summary According to Relevant Catalogs 3.1 Market Quotes - **Domestic Futures**: Shanghai Gold (Au) rose 0.18% to 776.66 yuan/gram, and Shanghai Silver (Ag) rose 2.07% to 9015.00 yuan/kilogram. Au(T + D) fell 0.97% to 772.01 yuan/gram, and Ag(T + D) rose 0.55% to 8888.00 yuan/kilogram [2][4]. - **International Futures**: COMEX Gold fell 0.24% to 3346.80 dollars/ounce, and COMEX Silver rose 0.45% to 36.96 dollars/ounce. London Gold fell 0.62% to 3319.30 dollars/ounce, and London Silver rose 0.18% to 36.25 dollars/ounce [2][4]. - **Other Related Data**: The yield of the US 10 - year Treasury bond was 4.49%, and the US dollar index was 98.99. The SPDR Gold ETF holdings increased by 0.22% to 936.22 tons, and the SLV Silver ETF holdings decreased by 0.36% to 14656.98 tons [2][4]. 3.2 Gold - Related Data Details | Indicator | Unit | 2025 - 06 - 09 | 2025 - 06 - 06 | Daily Change | Daily Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | --- | | COMEX Gold (Closing Price of Active Contract) | dollars/ounce | 3346.70 | 3331.00 | Up | 0.47% | 94.84% | | COMEX Gold (Trading Volume) | 10,000 lots | 13.91 | 18.35 | Down | - 24.17% | 14.68% | | COMEX Gold (Open Interest) | 10,000 lots | 41.59 | 43.75 | Down | - 4.94% | 1.88% | | COMEX Gold (Inventory) | tons | 1185 | 1186 | Down | - 0.05% | 69.84% | | LBMA Gold (Closing Price) | dollars/ounce | 3319.30 | 3339.90 | Down | - 0.62% | 94.86% | | SHFE Gold (Closing Price of Active Contract) | yuan/gram | 774.72 | 783.24 | Down | - 1.09% | 90.16% | | SHFE Gold (Trading Volume) | 10,000 lots | 45.45 | 48.96 | Down | - 7.16% | 74.59% | | SHFE Gold (Open Interest) | 10,000 lots | 41.90 | 42.17 | Down | - 0.64% | 86.47% | | SHFE Gold (Inventory) | tons | 17.85 | 17.85 | Flat | 0.00% | 98.77% | | SHFE Gold (Precipitated Funds) | 100 million yuan | 519.35 | 528.47 | Outflow | - 1.72% | 86.47% | | AuT + D (Closing Price) | yuan/gram | 772.01 | 779.56 | Down | - 0.97% | 90.16% | | AuT + D (Trading Volume) | tons | 46.74 | 52.78 | Down | - 11.44% | 76.63% | | AuT + D (Open Interest) | tons | 216.30 | 212.09 | Up | 1.99% | 77.86% | [6] 3.3 Silver - Related Data Details | Indicator | Unit | 2025 - 06 - 09 | 2025 - 06 - 06 | Daily Change | Daily Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | --- | | COMEX Silver (Closing Price of Active Contract) | dollars/ounce | 36.91 | 36.13 | Up | 2.15% | 99.59% | | COMEX Silver (Open Interest) | 10,000 lots | 16.33 | 14.76 | Up | 10.70% | 75.47% | | COMEX Silver (Inventory) | tons | 15375 | 15388 | Down | - 0.08% | 83.33% | | LBMA Silver (Closing Price) | dollars/ounce | 36.25 | 36.19 | Up | 0.18% | 99.60% | | SHFE Silver (Closing Price of Active Contract) | yuan/kilogram | 8909.00 | 8850.00 | Up | 0.67% | 99.59% | | SHFE Silver (Trading Volume) | 10,000 lots | 120.21 | 196.65 | Down | - 38.87% | 41.39% | | SHFE Silver (Open Interest) | 10,000 lots | 104.82 | 103.95 | Up | 0.84% | 99.18% | | SHFE Silver (Inventory) | tons | 1158.33 | 1117.94 | Up | 3.61% | 52.86% | | SHFE Silver (Precipitated Funds) | 100 million yuan | 252.15 | 248.39 | Inflow | 1.51% | 99.59% | | AgT + D (Closing Price) | yuan/kilogram | 8888.00 | 8839.00 | Up | 0.55% | 99.59% | | AgT + D (Trading Volume) | tons | 583.95 | 973.30 | Down | - 40.00% | 72.13% | | AgT + D (Open Interest) | tons | 3559.336 | 3545.11 | Up | 0.40% | 10.24% | [6] 3.4 Price Difference Data - **Gold Price Difference**: On June 9, 2025, the SHFE - COMEX gold price difference was 2.28 yuan/gram (9.88 dollars/ounce), and the SGE - LBMA gold price difference was 0.05 yuan/gram (0.20 dollars/ounce) [49]. - **Silver Price Difference**: On June 9, 2025, the SHFE - COMEX silver price difference was 371.45 yuan/kilogram (1.61 dollars/ounce) [49].