<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>最近，我的动态（以及我的投资组合！）都在热议铂金。如果你关注商品市场，可能也注意到了：铂金价格正在飞涨，正如人们所说的那样，“疯狂上涨”。这不仅仅是一个短暂的波动；这是一个在实时展开的迷人故事，远比简单的头条所暗示的要复杂得多。</p>
<p>许多人在问：这是空头挤压吗？虽然市场确实感觉到被挤压，但现实是深层基本面和即时市场动态的引人注目的结合。这与突如其来的投机攻击关系不大，更像是一个酝酿多年的完美风暴。</p>
<p>真正推动这一显著上涨的因素如下：</p>
<h3><strong>加深的赤字：供应端的挤压</strong></h3>
<p>在连续三年（2023-2025）中，铂金市场面临着显著的结构性赤字，2025 年的预测显示短缺近一百万盎司。换句话说，这大约是全球需求的 12%，而新供应无法满足。这不是暂时的不平衡；这是一个持续存在的、根深蒂固的问题，逐渐将地面库存压缩到危机低位。</p>
<p>一个主要原因？南非。作为全球主要生产国，持续的挑战——从停电和基础设施问题到恶劣天气——反复阻碍了矿业产出。当世界的主要来源遇到困难时，连锁反应是深远的。</p>
<h3><strong>“挤压” 现象：现货与期货</strong></h3>
<p>最近的价格波动可谓戏剧性。我们看到铂金年初至今上涨了 40-60%，有些天的日内波动超过 6%。特别值得注意的是，现货价格（即期交货）与期货合约之间的显著溢价。这种 “反向市场” 是市场承压的经典信号，表明买家愿意支付更高的价格立即获得实物金属。这指向了物流短缺和对供应的迫切需求，营造出那种 “挤压” 的感觉。</p>
<h3><strong>需求的汇聚</strong></h3>
<p>这不仅仅是供应受限；需求也在发挥着强大的作用：</p>
<p>我们看到中国需求显著上升，既来自珠宝行业（铂金成为比高价黄金更具吸引力的替代品），也来自工业应用。</p>
<p>对铂金条和硬币的投资需求激增，投机兴趣坚定地转向多头。投资者正在认识到铂金的低估及其在各个行业中的关键作用。</p>
<p>关税担忧和战略性囤积，特别是在美国和中国，也加剧了对实物金属的争夺，进一步收紧了可用供应。</p>
<h3><strong>超越炒作：根本性的转变</strong></h3>
<p>虽然快速的价格上涨可能感觉像是投机，但它在很大程度上是基于对铂金在面临真正稀缺的市场中价值的根本性重新评估。这是一个供应难以跟上多样化和增长需求的故事，受到地缘政治因素和投资者情绪的放大。</p>
<p>这不仅仅是一种商品的波动；这是全球经济、工业需求和市场心理的复杂相互作用。这提醒我们，即使在成熟市场中，强大的力量也可以汇聚在一起，创造出非凡的波动。</p>
<p>你对铂金市场最近的表现怎么看？你有在关注这一切吗？如果你是《摩根报告》的会员，你本可以为此做好准备，并以近乎完美的时机进入市场。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>银在退休系统中的日益重要角色</p>
<p>银价警报 - 我们会在 2026 年看到 100 美元的银吗？</p>
<p>银价将达到 120 美元，最后的牛市开始了</p>

<p>铂金价格因供应结构性短缺，特别是来自南非的供应不足，以及来自中国和投资者的需求增加而大幅上涨。市场正经历反向市场现象，表明存在压力和物流短缺。这一上涨是由基本面因素驱动的，而非投机性攻击，突显了铂金的被低估价值和其在工业中的关键角色</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Lately, my feed (and my portfolio!) has been buzzing about platinum. If you've been watching the commodities market, you've probably noticed it too: platinum prices have been on an absolute tear, moving &#34;up like crazy&#34;, as one might say. This isn't just a blip; it's a fascinating story unfolding in real-time, and it's far more nuanced than a simple headline might suggest.</p>
<div class="lb-trans"><p>最近，我的动态（以及我的投资组合！）都在热议铂金。如果你关注商品市场，可能也注意到了：铂金价格正在飞涨，正如人们所说的那样，“疯狂上涨”。这不仅仅是一个短暂的波动；这是一个在实时展开的迷人故事，远比简单的头条所暗示的要复杂得多。</p>
</div><p>Many are asking: Is this a short squeeze? While the market certainly feels squeezed, the reality is a compelling blend of deep-seated fundamentals and immediate market dynamics. It's less about a sudden speculative attack and more about a perfect storm that has been brewing for years.</p>
<div class="lb-trans"><p>许多人在问：这是空头挤压吗？虽然市场确实感觉到被挤压，但现实是深层基本面和即时市场动态的引人注目的结合。这与突如其来的投机攻击关系不大，更像是一个酝酿多年的完美风暴。</p>
</div><p>Here's what's truly driving this remarkable surge:</p>
<div class="lb-trans"><p>真正推动这一显著上涨的因素如下：</p>
</div><h3><strong>The Deepening Deficit: A Supply-Side Squeeze</strong></h3>
<div class="lb-trans"><h3><strong>加深的赤字：供应端的挤压</strong></h3>
</div><p>For three consecutive years (2023-2025), the platinum market has faced a significant structural deficit, with 2025 projections showing a shortfall of nearly a million ounces. To put that in perspective, that's roughly 12% of global demand that isn't being met by new supply. This isn't a temporary imbalance; it's a persistent, embedded problem that has steadily drawn down above-ground inventories to critically low levels.</p>
<div class="lb-trans"><p>在连续三年（2023-2025）中，铂金市场面临着显著的结构性赤字，2025 年的预测显示短缺近一百万盎司。换句话说，这大约是全球需求的 12%，而新供应无法满足。这不是暂时的不平衡；这是一个持续存在的、根深蒂固的问题，逐渐将地面库存压缩到危机低位。</p>
</div><p>A major culprit? South Africa. As the dominant global producer, ongoing challenges—from power outages and infrastructure issues to adverse weather—have repeatedly hampered mining output. When the world's primary source struggles, the ripple effect is profound.</p>
<div class="lb-trans"><p>一个主要原因？南非。作为全球主要生产国，持续的挑战——从停电和基础设施问题到恶劣天气——反复阻碍了矿业产出。当世界的主要来源遇到困难时，连锁反应是深远的。</p>
</div><h3><strong>The &#34;Squeeze&#34; Sensation: Spot vs. Futures</strong></h3>
<div class="lb-trans"><h3><strong>“挤压” 现象：现货与期货</strong></h3>
</div><p>The recent price action has been nothing short of dramatic. We've seen platinum surge by 40-60% year-to-date, with some days experiencing intraday spikes of over 6%. What's particularly telling is the significant premium of spot prices (for immediate delivery) over futures contracts. This &#34;backwardation&#34; is a classic signal of a market under stress, indicating that buyers are willing to pay substantially more to get their hands on physical metal now. It points to logistical shortages and an urgent need for supply, creating that &#34;squeeze-like&#34; feeling.</p>
<div class="lb-trans"><p>最近的价格波动可谓戏剧性。我们看到铂金年初至今上涨了 40-60%，有些天的日内波动超过 6%。特别值得注意的是，现货价格（即期交货）与期货合约之间的显著溢价。这种 “反向市场” 是市场承压的经典信号，表明买家愿意支付更高的价格立即获得实物金属。这指向了物流短缺和对供应的迫切需求，营造出那种 “挤压” 的感觉。</p>
</div><h3><strong>A Confluence of Demand</strong></h3>
<div class="lb-trans"><h3><strong>需求的汇聚</strong></h3>
</div><p>It's not just about constrained supply; demand is also playing a powerful role:</p>
<div class="lb-trans"><p>这不仅仅是供应受限；需求也在发挥着强大的作用：</p>
</div><p>We're seeing a notable uptick in Chinese demand, both from the jewelry sector (as platinum becomes a more attractive alternative to higher-priced gold) and industrial applications.</p>
<div class="lb-trans"><p>我们看到中国需求显著上升，既来自珠宝行业（铂金成为比高价黄金更具吸引力的替代品），也来自工业应用。</p>
</div><p>Investment demand for platinum bars and coins has surged, with speculative interest shifting firmly to the long side. Investors are recognizing platinum's undervaluation and its critical role in various industries.</p>
<div class="lb-trans"><p>对铂金条和硬币的投资需求激增，投机兴趣坚定地转向多头。投资者正在认识到铂金的低估及其在各个行业中的关键作用。</p>
</div><p>Tariff concerns and strategic stockpiling, particularly in the US and China, have also contributed to the scramble for physical metal, further tightening available supply.</p>
<div class="lb-trans"><p>关税担忧和战略性囤积，特别是在美国和中国，也加剧了对实物金属的争夺，进一步收紧了可用供应。</p>
</div><h3><strong>Beyond the Hype: A Fundamental Shift</strong></h3>
<div class="lb-trans"><h3><strong>超越炒作：根本性的转变</strong></h3>
</div><p>While the rapid price appreciation might feel speculative, it's largely underpinned by a fundamental re-evaluation of platinum's value in a market facing genuine scarcity. It's a story of supply struggling to keep pace with diverse and growing demand, amplified by geopolitical factors and investor sentiment.</p>
<div class="lb-trans"><p>虽然快速的价格上涨可能感觉像是投机，但它在很大程度上是基于对铂金在面临真正稀缺的市场中价值的根本性重新评估。这是一个供应难以跟上多样化和增长需求的故事，受到地缘政治因素和投资者情绪的放大。</p>
</div><p>This isn't just a commodity moving; it's a complex interplay of global economics, industrial needs, and market psychology. It's a reminder that even in established markets, powerful forces can converge to create extraordinary movements.</p>
<div class="lb-trans"><p>这不仅仅是一种商品的波动；这是全球经济、工业需求和市场心理的复杂相互作用。这提醒我们，即使在成熟市场中，强大的力量也可以汇聚在一起，创造出非凡的波动。</p>
</div><p>What do you think about the platinum market's recent performance? Have you been watching this unfold? Had you been a member of The Morgan Report, you would have been prepared for this and entered the market with near-perfect timing.</p>
<div class="lb-trans"><p>你对铂金市场最近的表现怎么看？你有在关注这一切吗？如果你是《摩根报告》的会员，你本可以为此做好准备，并以近乎完美的时机进入市场。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Silver’s Expanding Role Inside The Retirement System</p>
<div class="lb-trans"><p>银在退休系统中的日益重要角色</p>
</div><p>Silver Price Alert - Will We See $100 Silver In 2026?</p>
<div class="lb-trans"><p>银价警报 - 我们会在 2026 年看到 100 美元的银吗？</p>
</div><p>Silver To $120 The Final Bull Run Begins</p>
<div class="lb-trans"><p>银价将达到 120 美元，最后的牛市开始了</p>
</div>

铂金谜题：解析市场中 “疯狂” 的上涨