The global silver market is in a phase that is historically rare in this form: persistent supply deficits, potentially transformative demand from battery technology, government accumulation programs, and a growing decoupling of Asian prices from Western benchmarks. Reason enough to take a closer look at the key developments in detail.

[After platinum surged to a high of $1,300 and then corrected, it has risen by 40% this year, still emphasizing its industrial attributes] ①After gold prices have accumulated a certain increase, platinum prices are considered undervalued in comparison, offering investment value. ②The demand for platinum in hydrogen energy applications exhibits significant growth elasticity, and the industrial demand for platinum will maintain a stable growth pattern, but the incremental space may become limited as traditional industries slow down. (Finance Link)

[World Platinum Investment Council: Platinum Market Expected to Face Third Consecutive Shortage in 2025, Currently Estimated at 26 mt] The World Platinum Investment Council (WPIC) released the Q4 2024 and full-year "Platinum Quarterly" on March 5 and revised its forecast for 2025. The market is expected to face a third consecutive shortage in 2025, with the deficit deepening, currently estimated at 26 mt. Demand in 2025 is expected to decrease by 5% to 244 mt, though it will remain well above the five-year average since 2020, while total supply is expected to decline YoY by 4% to 218 mt.