Core Insights - The platinum industry development and application expansion rely on platform building and resource integration, with a focus on promoting collaboration within the industry chain [2] - The "2025 Platinum Regional Market Exchange Conference" was held in Shenyang, marking the second stop of the event series, following a successful first stop in Nanjing [3] - The Northeast region is recognized as an important jewelry consumption market in China, with a solid customer base and a growing preference for platinum among younger consumers [5] Industry Trends - The platinum market has entered a phase of continuous supply shortage for three consecutive years, expected to last until 2029, while demand remains resilient [7] - China's jewelry processing volume is projected to double by the second quarter of 2025, with investment demand for small-sized platinum bars experiencing a sixfold year-on-year increase [7] - The current low platinum prices, coupled with diverse end-use applications and a tightening supply-demand structure, enhance its long-term investment value and appeal [7] Market Outlook - The global platinum market is anticipated to maintain an annual supply-demand gap of over 700,000 ounces in the coming years, supporting price stability [7] - Factors such as risk aversion, reserve demand, and allocation demand are expected to favor precious metals, with the Federal Reserve's potential interest rate cuts further reinforcing the upward price logic for platinum [7] - Emerging consumption areas, including hydrogen energy, jewelry, and investment, are likely to expand, contributing to a sustained strong performance in platinum prices [7]

Core Viewpoint - The long-term bullish trend for gold is expected to continue due to core factors such as safe-haven demand, reserve demand, and allocation demand, with limited short-term adjustment space providing opportunities for low-level buying [1][2][3] Group 1: Safe-Haven Demand - The uncertainty in the global trade environment and ongoing geopolitical tensions have heightened market risk aversion, positively impacting the demand for gold as a safe-haven asset [2] - The geopolitical situation shows signs of easing, but overall tensions remain, contributing to sustained high levels of risk aversion in the market [3] Group 2: Reserve Demand - There is a noticeable decline in the credit quality of global assets, prompting central banks to increase their gold reserves to mitigate potential credit crises, which boosts effective demand for gold and instills market confidence [2] - The ongoing process of reshaping the global monetary order under loose monetary policies is accelerating the demand for gold as a reserve asset [2] Group 3: Allocation Demand - Gold's low correlation with other assets makes it an effective tool for optimizing investment portfolios and hedging institutional risks, especially in the current uncertain economic, policy, and political environment [2] - The continued loose monetary and fiscal policies, along with rising government debt, further support the demand for gold through reserve and allocation channels [2] Group 4: Price Support Levels - The first support level for international gold is identified at $3170 to $3200 per ounce, with a core support level at $3000 per ounce, indicating limited downside potential [1][3] - A breakout above $3500 per ounce could lead to new historical highs for gold prices [3]