<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>圖片來源：Pixabay</em></p>
<p>最近，我的動態（以及我的投資組合！）都在熱議鉑金。如果你關注商品市場，可能也注意到了：鉑金價格正在飛漲，正如人們所説的那樣，“瘋狂上漲”。這不僅僅是一個短暫的波動；這是一個在實時展開的迷人故事，遠比簡單的頭條所暗示的要複雜得多。</p>
<p>許多人在問：這是空頭擠壓嗎？雖然市場確實感覺到被擠壓，但現實是深層基本面和即時市場動態的引人注目的結合。這與突如其來的投機攻擊關係不大，更像是一個醖釀多年的完美風暴。</p>
<p>真正推動這一顯著上漲的因素如下：</p>
<h3><strong>加深的赤字：供應端的擠壓</strong></h3>
<p>在連續三年（2023-2025）中，鉑金市場面臨着顯著的結構性赤字，2025 年的預測顯示短缺近一百萬盎司。換句話説，這大約是全球需求的 12%，而新供應無法滿足。這不是暫時的不平衡；這是一個持續存在的、根深蒂固的問題，逐漸將地面庫存壓縮到危機低位。</p>
<p>一個主要原因？南非。作為全球主要生產國，持續的挑戰——從停電和基礎設施問題到惡劣天氣——反覆阻礙了礦業產出。當世界的主要來源遇到困難時，連鎖反應是深遠的。</p>
<h3><strong>“擠壓” 現象：現貨與期貨</strong></h3>
<p>最近的價格波動可謂戲劇性。我們看到鉑金年初至今上漲了 40-60%，有些天的日內波動超過 6%。特別值得注意的是，現貨價格（即期交貨）與期貨合約之間的顯著溢價。這種 “反向市場” 是市場承壓的經典信號，表明買家願意支付更高的價格立即獲得實物金屬。這指向了物流短缺和對供應的迫切需求，營造出那種 “擠壓” 的感覺。</p>
<h3><strong>需求的匯聚</strong></h3>
<p>這不僅僅是供應受限；需求也在發揮着強大的作用：</p>
<p>我們看到中國需求顯著上升，既來自珠寶行業（鉑金成為比高價黃金更具吸引力的替代品），也來自工業應用。</p>
<p>對鉑金條和硬幣的投資需求激增，投機興趣堅定地轉向多頭。投資者正在認識到鉑金的低估及其在各個行業中的關鍵作用。</p>
<p>關税擔憂和戰略性囤積，特別是在美國和中國，也加劇了對實物金屬的爭奪，進一步收緊了可用供應。</p>
<h3><strong>超越炒作：根本性的轉變</strong></h3>
<p>雖然快速的價格上漲可能感覺像是投機，但它在很大程度上是基於對鉑金在面臨真正稀缺的市場中價值的根本性重新評估。這是一個供應難以跟上多樣化和增長需求的故事，受到地緣政治因素和投資者情緒的放大。</p>
<p>這不僅僅是一種商品的波動；這是全球經濟、工業需求和市場心理的複雜相互作用。這提醒我們，即使在成熟市場中，強大的力量也可以匯聚在一起，創造出非凡的波動。</p>
<p>你對鉑金市場最近的表現怎麼看？你有在關注這一切嗎？如果你是《摩根報告》的會員，你本可以為此做好準備，並以近乎完美的時機進入市場。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>銀在退休系統中的日益重要角色</p>
<p>銀價警報 - 我們會在 2026 年看到 100 美元的銀嗎？</p>
<p>銀價將達到 120 美元，最後的牛市開始了</p>

<p>鉑金價格因供應結構性短缺，特別是來自南非的供應不足，以及來自中國和投資者的需求增加而大幅上漲。市場正經歷反向市場現象，表明存在壓力和物流短缺。這一上漲是由基本面因素驅動的，而非投機性攻擊，突顯了鉑金的被低估價值和其在工業中的關鍵角色</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>圖片來源：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，我的動態（以及我的投資組合！）都在熱議鉑金。如果你關注商品市場，可能也注意到了：鉑金價格正在飛漲，正如人們所説的那樣，“瘋狂上漲”。這不僅僅是一個短暫的波動；這是一個在實時展開的迷人故事，遠比簡單的頭條所暗示的要複雜得多。</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>許多人在問：這是空頭擠壓嗎？雖然市場確實感覺到被擠壓，但現實是深層基本面和即時市場動態的引人注目的結合。這與突如其來的投機攻擊關係不大，更像是一個醖釀多年的完美風暴。</p>
</div><p>Here's what's truly driving this remarkable surge:</p>
<div class="lb-trans"><p>真正推動這一顯著上漲的因素如下：</p>
</div><h3><strong>The Deepening Deficit: A Supply-Side Squeeze</strong></h3>
<div class="lb-trans"><h3><strong>加深的赤字：供應端的擠壓</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>在連續三年（2023-2025）中，鉑金市場面臨着顯著的結構性赤字，2025 年的預測顯示短缺近一百萬盎司。換句話説，這大約是全球需求的 12%，而新供應無法滿足。這不是暫時的不平衡；這是一個持續存在的、根深蒂固的問題，逐漸將地面庫存壓縮到危機低位。</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>一個主要原因？南非。作為全球主要生產國，持續的挑戰——從停電和基礎設施問題到惡劣天氣——反覆阻礙了礦業產出。當世界的主要來源遇到困難時，連鎖反應是深遠的。</p>
</div><h3><strong>The &#34;Squeeze&#34; Sensation: Spot vs. Futures</strong></h3>
<div class="lb-trans"><h3><strong>“擠壓” 現象：現貨與期貨</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>最近的價格波動可謂戲劇性。我們看到鉑金年初至今上漲了 40-60%，有些天的日內波動超過 6%。特別值得注意的是，現貨價格（即期交貨）與期貨合約之間的顯著溢價。這種 “反向市場” 是市場承壓的經典信號，表明買家願意支付更高的價格立即獲得實物金屬。這指向了物流短缺和對供應的迫切需求，營造出那種 “擠壓” 的感覺。</p>
</div><h3><strong>A Confluence of Demand</strong></h3>
<div class="lb-trans"><h3><strong>需求的匯聚</strong></h3>
</div><p>It's not just about constrained supply; demand is also playing a powerful role:</p>
<div class="lb-trans"><p>這不僅僅是供應受限；需求也在發揮着強大的作用：</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>我們看到中國需求顯著上升，既來自珠寶行業（鉑金成為比高價黃金更具吸引力的替代品），也來自工業應用。</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>對鉑金條和硬幣的投資需求激增，投機興趣堅定地轉向多頭。投資者正在認識到鉑金的低估及其在各個行業中的關鍵作用。</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>關税擔憂和戰略性囤積，特別是在美國和中國，也加劇了對實物金屬的爭奪，進一步收緊了可用供應。</p>
</div><h3><strong>Beyond the Hype: A Fundamental Shift</strong></h3>
<div class="lb-trans"><h3><strong>超越炒作：根本性的轉變</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>雖然快速的價格上漲可能感覺像是投機，但它在很大程度上是基於對鉑金在面臨真正稀缺的市場中價值的根本性重新評估。這是一個供應難以跟上多樣化和增長需求的故事，受到地緣政治因素和投資者情緒的放大。</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>這不僅僅是一種商品的波動；這是全球經濟、工業需求和市場心理的複雜相互作用。這提醒我們，即使在成熟市場中，強大的力量也可以匯聚在一起，創造出非凡的波動。</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>你對鉑金市場最近的表現怎麼看？你有在關注這一切嗎？如果你是《摩根報告》的會員，你本可以為此做好準備，並以近乎完美的時機進入市場。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Silver’s Expanding Role Inside The Retirement System</p>
<div class="lb-trans"><p>銀在退休系統中的日益重要角色</p>
</div><p>Silver Price Alert - Will We See $100 Silver In 2026?</p>
<div class="lb-trans"><p>銀價警報 - 我們會在 2026 年看到 100 美元的銀嗎？</p>
</div><p>Silver To $120 The Final Bull Run Begins</p>
<div class="lb-trans"><p>銀價將達到 120 美元，最後的牛市開始了</p>
</div>

鉑金謎題：解析市場中 “瘋狂” 的上漲