Group 1 - Spot silver prices increased by 3.29%, reaching $74 per ounce [2] - Both spot platinum and palladium prices rose by over 2% [3] - Since 2025, precious metals like gold have seen significant capital interest, with New York gold futures rising over 64%, marking the largest annual increase since 1979 [5] Group 2 - Silver futures prices increased by over 141% in the same period, driven by speculative funds and strong industrial demand, while global silver supply has been in structural shortage for five consecutive years [5] - Platinum and palladium futures prices surged by over 124% and 81% respectively, influenced by a more than 9% decline in the US dollar index [5] - Domestic gold jewelry prices stabilized, with brands like Chow Sang Sang and Chow Tai Fook reporting prices of 1360 CNY and 1357 CNY per gram respectively [5] Group 3 - Retail demand for gold has surged, with reports of limited availability for smaller gold bars and increased foot traffic in jewelry stores during the holiday season [14][15] - Young consumers are increasingly purchasing gold for both emotional value and as a means of preserving wealth, with a 20% increase in pre-orders for the New Year compared to the previous year [17] - HSBC forecasts gold prices could reach $5000 per ounce in 2026, while domestic silver prices have surged due to industrial demand and low inventory levels [18]

Group 1 - Since 2025, precious metals, particularly gold, have seen significant capital interest, with New York gold futures prices rising over 64%, marking the largest annual increase since 1979 [1] - Silver futures prices have also surged, with an annual increase of over 141% [1] - The booming precious metals market has influenced consumer behavior, leading to changes in sales models among wholesalers in the Shenzhen water bay jewelry market [1] Group 2 - In the second half of 2025, consumer interest in silver bars and silver jewelry has increased, with reports of shelves selling out within weeks [3] - Sales personnel in the Shenzhen market reported selling approximately 50 to 60 kilograms of silver in a single day, indicating high demand [3] - The market for silver and platinum is characterized by lower prices and smaller inventory, leading to stronger speculative attributes, while gold remains a more stable investment despite a slight decline in sales [3] Group 3 - There is a noticeable trend of polarization in gold sales, with some consumers opting for smaller weight gold jewelry due to rising prices, while others prefer high-value, well-designed products for their investment potential [3]

Core Viewpoint - Platinum prices have surged, reaching a nearly 10-year high, driven by geopolitical instability and supply shortages, leading to a reevaluation of its investment value [1][2]. Supply and Demand Dynamics - The global platinum market is expected to face a structural shortage of 966,000 ounces by Q1 2025, with supply shrinking by 10% year-on-year in Q1 2023 due to flooding in South Africa and aging mines [1]. - Platinum demand increased by 10% in Q1 2023, with jewelry demand rising by 9% and investment demand surging by 28% to 14 tons, particularly driven by a 140% increase in Chinese retail investment [1][2]. Market Sentiment and Investment Trends - The sentiment in the platinum market is improving, as indicated by the increase in futures positions and net long holdings, with total open interest rising from 70,592 contracts on May 22 to 77,787 contracts by May 30 [2]. - The COMEX platinum inventory has seen a net outflow, dropping to 12.46 million ounces, exacerbating supply-demand tensions [2]. Price Influences - The high gold prices are suppressing gold demand while boosting platinum jewelry market growth, suggesting that sustained high gold prices will continue to drive platinum demand recovery [2]. - Speculative funds and increased ETF holdings have contributed to the rapid rise in platinum prices since May 20, although there are concerns about long-term sustainability due to potential oversupply in industrial and consumer demand [3]. Future Outlook - Analysts predict a global platinum supply shortage of 30 tons for the year, alongside increasing demand from the hydrogen energy sector, where platinum is essential for fuel cells [2]. - However, some analysts caution that the market may face oversupply in the coming years, with projections indicating a surplus of 26,000 ounces in 2024 and 32,900 ounces in 2025 if investment demand is excluded [3].