文 | 银行螺丝钉 （转载请注明出处） 黄金价格，从1971年初的37美元/盎司，涨 到1980年最高850美元/盎司。不到10年， 上涨21倍。 但这个涨幅过于夸张。在随后的30年中， 黄金再也没有回到这个价格。 黄金从1980年最高850美元/盎司，到2000 年前后，最低只有251美元/盎司。长达20 年的熊市里，下跌接近70%。 这是黄金的第二轮牛市。 随后黄金井启了长达6年的熊币。从2011 年到2016年，黄金价格一路下跌，最大回 撤接近44%。在底部低迷了很长时间，也 出现了5点几星的低估机会。 (3) 第三轮牛熊市: 2017年至今（2025 年10月底）。 2016年之后，黄金价格逐渐上涨。 最近几年（经历贸易摩擦、口罩事件、地 区冲突），黄金再次成为避险资产。最高 涨到4251.448美元/盎司，期间最高涨幅达 到了262.73%。 不过，这一波上涨并不是一帆风顺的。 比如,2022年美联储大幅加息,黄金也- 度跌出了4-5星的低估机会。 (2) 第二轮牛熊市: 2001年-2016年。 从2001年之后，黄金慢慢上涨。 2008-2011年，先后出现了金融危机、欧 债危机。黄金成为避险资 ...

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Core Viewpoint - The price of platinum is rising significantly, driven by increased demand in China and a shift in investor interest towards undervalued assets like platinum, which has outperformed gold and the S&P 500 index [2][6]. Group 1: Price Trends - Platinum prices have surged to around $1360 per ounce, representing a 50% increase compared to the end of 2024, significantly outpacing gold's 30% rise and the S&P 500's 10% increase [6]. - In Japan, the price of platinum is approximately 6846 yen per gram (around 333.3 RMB), with a notable increase in sales, reportedly rising sevenfold since January [4][6]. - The global platinum supply for 2024 is projected at 180 tons, with China's imports from April to June accounting for about 20% of this total [9]. Group 2: Demand Drivers - The demand for platinum is being bolstered by younger consumers in China, who are increasingly favoring platinum jewelry over gold [9]. - In Japan, the sales of platinum bars have surged, with reports indicating a sevenfold increase in sales compared to earlier in the year [4]. - The industrial demand for platinum remains significant, with approximately 70% of its usage in automotive catalytic converters [9]. Group 3: Market Dynamics - The recent price increase is attributed to a combination of factors, including a shift in investor focus towards platinum as a low-valued asset amid a backdrop of high gold prices [6][10]. - South Africa, the largest platinum producer, experienced a production decrease due to early-year flooding, which may impact supply through September [10]. - Financial institutions have raised their price forecasts for platinum, with predictions suggesting it could reach $1600 per ounce by the second half of 2025 [10].