Core Viewpoint - The global platinum market is entering a prolonged shortage cycle, driven by supply constraints and strong demand, particularly from China, which is expected to continue for the next five years [1][2]. Supply Side - Global platinum supply is heavily reliant on South Africa, with a mining expansion cycle lasting three years, making it difficult to quickly respond to strong market demand [1]. - The industry is facing a structural deficit that is likely to persist in the coming years, exacerbating supply tensions [1]. Demand Side - China has emerged as a key driver of global platinum demand growth, with significant increases in jewelry, industrial, and investment sectors [1]. - Jewelry demand in China saw a remarkable increase, with platinum jewelry processing volume more than doubling in Q2 2023, and the demand scale for the first half of 2025 approaching the total for 2023 and 2024 [2]. - Investment demand is also robust, with a cumulative growth of 19% in physical platinum investment demand from 2022 to 2024, and a notable shift towards small-scale investment products, which saw a demand increase of over six times year-on-year in Q2 2025 [2]. Market Dynamics - The purchasing behavior in China has shifted from being negatively correlated with prices to being driven by genuine demand, even as platinum prices remain relatively high [2]. - The long-term outlook for platinum investment is positive, with expectations of continued shortages until 2029, and an optimistic view on platinum becoming a growth highlight in the precious metals market [2].

Group 1 - Current gold prices are significantly higher than in previous years, with spot gold around 922 CNY per gram, compared to 500-600 CNY a few years ago [2][5] - Different jewelry stores have varying prices for gold, with brands like Zhou Dasheng selling at 1135 CNY per gram and Dongxiang at 1203 CNY, leading to price differences of hundreds of CNY for larger purchases [2][4] - Platinum prices are lower than gold, with some stores offering platinum at 364 CNY per gram, reflecting a shift in consumer preference towards gold and K-gold [7] Group 2 - The price discrepancies among jewelry stores can be attributed to brand premiums, different labor costs, and varying promotional activities [4] - Investing in gold at current high prices requires careful consideration, as short-term fluctuations are common; however, purchasing for personal use, such as wedding jewelry, may still be worthwhile [5][9] - For those looking to buy gold, it is advisable to avoid impulsive decisions, consider buying in increments, and focus on investment-grade gold bars rather than jewelry to minimize costs [8][9] Group 3 - The current high gold prices are influenced by international factors such as geopolitical instability, inflation, and exchange rates, which typically drive demand for gold as a safe-haven asset [9][10] - Consumers are encouraged to compare prices, labor costs, and buyback policies across different stores to ensure they make informed purchasing decisions [9]

Core Viewpoint - The current gold prices are stable, with mainstream brands ranging from 1220 to 1232 yuan per gram, indicating a steady market for both jewelry and investment bars [2][10]. Gold Price Overview - Mainstream gold prices are around 1220 to 1232 yuan per gram, with brands like Chow Tai Fook and Luk Fook Jewelry at the higher end [2]. - Some brands, such as Caibai Jewelry and China Gold, offer significantly lower prices at 1175 yuan and 1125 yuan per gram respectively, highlighting the impact of brand premium and operational costs [2][4]. Gold Bar Pricing - There is a notable price difference in gold bars, with brands like Chow Tai Fook and King Fook around 1088 yuan, while others like Sincere and Chow Sang Sang are priced at 1155 yuan or higher [4]. - Factors influencing these price differences include brand reputation, channel costs, and additional services [4]. Platinum Price Discrepancies - Platinum prices vary significantly, with mainstream brands priced around 648 yuan per gram, while lower-end brands like Caibai Jewelry are at 526 yuan [6]. - The disparity in platinum pricing is attributed to market demand, supply, and brand positioning [6]. Buying Tips for Gold - Consumers are advised to be aware of price ranges, as differences can be substantial across brands [8]. - Understanding the repurchase policy is crucial, as some brands may offer lower buyback prices than market rates, affecting overall returns [9]. - The intended use of the purchase should dictate the focus on brand versus investment value [9]. - It is essential to choose legitimate channels for purchases to avoid counterfeit risks [10]. - Keeping an eye on market trends is important, as gold prices can fluctuate due to international events and economic indicators [10].

Group 1 - Recent decline in gold prices has created mixed feelings among consumers, with buyers feeling relieved and sellers concerned [2][4] - As of October 26, various brands have different gold prices, with 周生生 at 1224 CNY/g, 六福珠宝 at 1232 CNY/g, and 中国黄金 at 1125 CNY/g, indicating a significant price variation among brands [2][5] - The overall trend shows a consistent decline in gold prices, influenced by factors such as international market conditions, USD exchange rates, and seasonal demand in China [4][5] Group 2 - The price differences among brands are attributed to brand premium, craftsmanship, and product types, with investment gold generally priced closer to raw material costs [5] - For consumers considering purchases, the current lower prices may present a good opportunity for buying jewelry, while investment decisions should be made with a long-term perspective [7] - Market psychology plays a crucial role in gold price fluctuations, with consumer behavior often driven by fear of missing out during price increases and hesitation during declines [7][10] Group 3 - Platinum prices are also noted, with significant differences compared to gold, but gold remains a more favorable option for value retention [9] - The recent price drop in gold does not indicate a loss of value but rather a market adjustment, presenting opportunities for consumers and challenges for investors [10]

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 - Platinum has experienced a significant price surge, outperforming gold and silver, driven by supply-demand imbalances and heightened investment interest [3][6][24]. Group 1: Price Surge and Market Dynamics - As of July 18, platinum prices exceeded $1480.00 per ounce, marking a year-to-date increase of over 57%, making it the best-performing asset class globally [3]. - The surge in platinum prices is attributed to a decline in supply, particularly from South Africa, the largest producer, where production has decreased due to seasonal factors [6][9]. - Demand for platinum is on the rise, especially in the automotive sector, where it is used extensively in catalytic converters, accounting for over 48% of total demand [7][8]. Group 2: Impact on Companies - Companies involved in platinum jewelry and recycling have seen significant stock price increases. For instance, Mingpai Jewelry's stock rose over 21% during the price surge [9]. - Haotong Technology, a leader in recycling platinum, reported a 129.46% year-on-year increase in revenue for Q1, benefiting from the rising platinum prices and expanding its recycling capacity [11][12]. Group 3: Future Demand and Market Trends - Despite the rise of electric vehicles, which do not use platinum in the same way as traditional fuel vehicles, the overall demand for platinum remains strong due to regulatory pressures for cleaner emissions [15][20]. - The automotive industry is expected to continue driving platinum demand, with stricter emissions standards leading to increased use of platinum in catalytic converters [20][23]. - The demand for platinum bars in China surged by 140% in Q1, indicating a growing interest among investors [24]. Group 4: Investment Considerations - Platinum is being viewed as an alternative investment to gold, especially in light of its recent performance and the ongoing global push for green policies [25][26]. - Investors are advised to adopt a cautious approach, focusing on physical platinum or ETFs rather than high-leverage instruments, due to the volatility of platinum prices [26][28].

Core Insights - The recent fluctuations in gold prices have prompted discussions about whether it is a good time to buy or sell gold [1] - The current gold price trends indicate a slight decline, with prices fluctuating between 950-960 yuan per gram [3] - The stability of platinum prices contrasts with the volatility of gold, making it less attractive for short-term trading [3] Price Trends - On July 20, 2025, gold prices were reported at 969 yuan per gram in Chinese gold stores, with a higher price of 1004 yuan per gram at Lao Miao Gold [3] - From July 14 to 18, gold prices decreased from 960 yuan per gram to 957 yuan per gram, before rising slightly to 959 yuan per gram on July 19 [3] Selling Considerations - Selling gold due to price drops can be unwise; gold is traditionally viewed as a safe-haven asset, and its price fluctuations are normal [4] - Actual buyback prices at gold stores can be significantly lower than the listed prices, sometimes by 40-60 yuan per gram [4] Buying Opportunities - The recent small decline in gold prices may present a buying opportunity for long-term investors, following the principle of "buying more as prices drop" [6] - Frequent trading for short-term gains carries higher risks, and long-term holding is recommended to avoid unnecessary stress from price fluctuations [6] Investment Choices - For value preservation, gold bars or investment-grade gold are recommended due to lower processing fees and smaller losses upon sale [8] - Platinum, currently priced at 470 yuan per gram, is less favorable for investment compared to gold, although it may be considered for personal jewelry purchases [8] Investment Tips - It is advisable to choose reputable channels such as gold stores and banks for purchasing gold [9] - Keeping purchase receipts and certificates is important for future transactions [9] - Avoid damaging gold bars, as this can affect their resale value [9] - Diversifying investments through small, multiple purchases can help smooth out costs [10] - Comparing buyback prices from different gold stores before selling is crucial to avoid hasty decisions [11]

Group 1 - The core viewpoint of the article is that platinum has entered a significant upward trend in prices, outperforming gold and silver, driven by supply-demand imbalances and increased investment interest [3][4][7]. - As of July 18, platinum prices exceeded $1480 per ounce, marking a year-to-date increase of over 57%, making it the best-performing asset class globally [4][6]. - The surge in platinum prices has led to increased consumer interest, with many jewelers in Shenzhen shifting focus from gold to platinum, resulting in a notable rise in trading volumes and price premiums [6][12]. Group 2 - The primary reason for the price increase is the supply-demand imbalance, with a decline in platinum production from South Africa, the largest producer, due to seasonal mining issues [9][11]. - Demand for platinum is rising, particularly in the automotive industry, where it is used in catalytic converters, accounting for over 48% of total demand [9][11]. - The global platinum market may be entering a structural shortage, as indicated by reports from the non-ferrous metals industry [11]. Group 3 - Companies like Mingpai Jewelry and Haotong Technology have seen significant stock price increases due to the platinum price surge, with Haotong's stock rising by 9.58% on July 18 and a 129.46% year-on-year revenue growth in Q1 [12][14][16]. - Haotong Technology has a current platinum catalyst recovery capacity of 6000 tons per year, expected to increase to 18000 tons by December 2025, benefiting from the rising platinum prices [14][16]. - The automotive industry's transition towards hybrid vehicles is expected to increase the demand for platinum, as these vehicles require more platinum for their catalytic converters compared to traditional gasoline vehicles [20][23]. Group 4 - The article discusses the potential for platinum to become an alternative investment to gold, especially as inflation hedges, given its recent strong market performance [33]. - Investors are advised to adopt a cautious strategy when investing in platinum, focusing on physical platinum bars or ETFs, especially during price corrections [33][35]. - The development of new technologies aimed at reducing platinum usage in fuel cells could pose future risks to platinum prices, necessitating careful risk management by investors [34].

Core Viewpoint - Platinum has experienced a significant price surge, outperforming gold and silver, driven by supply-demand imbalances and heightened investment interest [3][6][29]. Group 1: Price Surge and Market Dynamics - As of July 18, platinum prices exceeded $1480.00 per ounce, marking a year-to-date increase of over 57%, making it the best-performing asset class globally [3]. - The surge in platinum prices is attributed to a decline in supply, particularly from South Africa, the largest platinum producer, due to seasonal mining challenges [6][9]. - Demand for platinum is rising, especially in the automotive sector, where it accounts for over 48% of total demand, primarily for catalytic converters [7][14]. Group 2: Impact on Companies - Companies like Mingpai Jewelry, a leading platinum jewelry manufacturer, have seen stock prices soar, with a reported increase of over 21% in late May [9]. - Haotong Technology, a recycling leader, reported a 129.46% year-on-year revenue growth in Q1, benefiting from the rising platinum prices and expanding recovery capacity [11][13]. - The overall market for platinum-related companies is thriving, with significant stock price increases observed in response to the price surge [9][11]. Group 3: Future Demand and Industry Trends - Despite the rise of electric vehicles, the demand for platinum in traditional fuel vehicles remains strong, with projections indicating continued growth in the automotive sector until 2030 [17][19]. - The increasing regulatory standards for emissions are expected to drive up the demand for platinum in catalytic converters, as new vehicles are required to meet stricter pollution controls [24][29]. - The shift towards hybrid vehicles, which require more platinum than traditional fuel vehicles, is also contributing to the growing demand [21][22]. Group 4: Investment Considerations - Investors are increasingly viewing platinum as an alternative to gold, especially in light of its recent performance and the potential for continued price increases due to supply constraints [30][31]. - Investment strategies should focus on physical platinum or ETFs, with a recommendation for a cautious approach to avoid high-leverage investments [31][32]. - The development of new technologies aimed at reducing platinum usage in fuel cells poses a potential risk to future demand, necessitating careful monitoring by investors [33].

Core Viewpoint - Platinum has experienced a significant price surge, outperforming gold and silver, driven by supply-demand imbalances and heightened investment interest [2][5][32]. Group 1: Price Surge and Market Dynamics - As of July 18, platinum prices exceeded $1480.00 per ounce, marking a year-to-date increase of over 57%, making it the best-performing asset class globally [2][4]. - The surge in platinum prices has led to increased consumer interest, with many jewelers transitioning from gold to platinum offerings, particularly in major markets like Shenzhen [4][11]. - The price increase is attributed to a decline in platinum production, particularly from South Africa, the largest producer, due to seasonal mining challenges, while demand continues to rise [6][10]. Group 2: Industrial Demand and Applications - Platinum is not only a jewelry material but also a critical industrial metal, with over 48% of its total demand coming from the automotive catalytic converter sector [7][10]. - The automotive industry remains a significant driver of platinum demand, with expectations of structural shortages in the platinum market as industrial applications expand [10][22]. - Despite the rise of electric vehicles, traditional fuel vehicles continue to see growth, maintaining a robust demand for platinum in catalytic converters [21][22]. Group 3: Company Performance and Investment Opportunities - Companies like Mingpai Jewelry and Haotong Technology have seen substantial stock price increases due to the platinum price surge, with Haotong's revenue growing by 129.46% year-on-year in Q1 [11][14]. - Haotong Technology's recovery capacity is projected to increase from 6000 tons/year to 18000 tons/year by December 2025, positioning it well to benefit from rising platinum prices [14][16]. - The investment landscape for platinum is evolving, with a notable increase in demand for investment-grade platinum bars, which surged by 140% year-on-year in Q1 [33][36]. Group 4: Future Outlook and Investment Strategies - Analysts suggest that platinum's market performance may continue to shine due to tightening supply and increasing industrial demand, particularly in light of stricter emissions regulations [32][29]. - Investors are advised to adopt a cautious approach, focusing on physical platinum or ETFs, especially given the potential for price volatility [36][38]. - The development of new technologies aimed at reducing platinum usage in fuel cells could pose future risks to platinum prices, necessitating careful monitoring by investors [39][40].