This week, the precious metals market really exploded. Gold, silver, and platinum all surged across the board, hitting new highs one after another. The 26th was the first trading day after the US holiday, and as a result, these precious metals collectively celebrated.

The numbers are a bit outrageous—platinum futures soared to $2,400 per ounce, marking the first time breaking this level, with a weekly increase of over 22%. Palladium also didn't stay idle, rising about 13%, now at $3,202.3 per ounce, hitting a new high in over three years.

What’s the reason? On one hand, the US dollar is weakening, which gives precious metals room to perform. On the other hand, global geopolitical risks are escalating, especially with increased trade frictions between some countries, which has driven the safe-haven sentiment in financial markets sharply higher, highlighting gold’s appeal as a safe haven.

A deeper issue lies on the supply side. Global silver inventories have been tight for several years, and this contradiction is hard to resolve. The same applies to platinum and palladium, which already have relatively small markets, now facing tight supply conditions. Coupled with the momentum of valuation recovery, the price elasticity of these two commodities is particularly high, with more room for upward movement. Industry analysts point out that the global silver market has been in a state of supply shortage for five consecutive years, and under this background, the overall upward trend of precious metals still has short-term support.