Core Insights - Gold and silver traders must consider monetary policy, inflation data, and safe-haven demand while exploring the broader precious metals market, including platinum and palladium, which offer unique investment narratives [1][2] Group 1: Platinum Insights - Current platinum pricing presents an anomaly compared to historical ranges, with a ratio of 2.5x to gold, indicating a potential long-term value opportunity [3][4] - Over 60% of platinum's demand is driven by industrial applications, particularly in the automotive sector, which accounts for half of that demand [5] - The shift towards increased use of platinum in gasoline engine catalysts due to high palladium prices is creating a structural demand change for platinum [5] - Platinum's role in the hydrogen economy, particularly in green hydrogen production and fuel cells, positions it as a key player in the transition to decarbonization and green energy [5] - Supply concentration in South Africa, where around 70% of the world's platinum is mined, poses significant risks, as operational disruptions can lead to immediate price impacts [5] Group 2: Palladium Insights - The ongoing high prices of palladium have prompted automotive manufacturers to substitute it with platinum, indicating a potential long-term demand shift [5]

Core Insights - CME Group reported record average daily volume (ADV) of 30.2 million contracts for Q2 2025, with June ADV reaching 25.7 million contracts, marking significant growth year-over-year [1][2] Q2 2025 Highlights - ADV grew 15% year-over-year, with record volumes in interest rate, agricultural, and metals products [2] - SOFR futures achieved a quarterly ADV record of 4.6 million contracts [2] - International ADV reached a record of 9.2 million contracts [2][3] Asset Class Performance - Interest Rate ADV reached 15.5 million contracts, with 5-Year U.S. Treasury Note futures at 2 million contracts and 2-Year U.S. Treasury Note futures at 1.1 million contracts [3] - Equity Index ADV increased 13% to 7.7 million contracts, with Micro E-mini S&P 500 futures at a record 1.5 million contracts [3] - Energy ADV increased 26% to 3.1 million contracts, with WTI Crude Oil options at a record 265,000 contracts [3] - Agricultural ADV reached a record of 2 million contracts, with Soybean Oil futures at 210,000 contracts [3] - Cryptocurrency ADV surged 136% to 190,000 contracts, with Micro Ether futures at a record 84,000 contracts [3] Monthly Performance - June 2025 saw record monthly ADV in various categories, including WTI Crude Oil options at 307,000 contracts and Micro Gold futures at 258,000 contracts [6] - BrokerTec U.S. Repo average daily notional value increased 18% to $359 billion [6] - EBS Spot FX average daily notional value increased 10% to $64 billion [6]