Just as everyone was still watching gold surge fiercely, suddenly, platinum quietly climbed past the 800 yuan per gram mark. Luk Fook Jewelry’s 999 platinum standard is now at 815 yuan/gram, Chow Sang Sang and Chow Tai Seng’s 950 platinum are also at 782 yuan, almost breaking the 800 mark. Even traditional jewelers like Lao Feng Xiang and Lao Miao have reported platinum at 720 yuan/gram. At this price, half a year ago, no one would dare imagine—back then, the wholesale price in Shenzhen’s Shui Bei was just over 300, now it’s directly up to 470, more than doubling at retail. The increase is faster than a rocket, isn’t it shocking?

The international market is even more exaggerated. Platinum futures this year have surged over 110%, while gold only increased by 64% during the same period. The main contract on the Shanghai Futures Exchange has jumped 5.32% in a single day, and spot prices have broken through $1970 per ounce. Previously, people bought jewelry for cost-effectiveness; platinum was cheap and made skin look fairer, making it the first choice for wedding rings. Now, buying a 10-gram platinum necklace at 782 yuan per gram, plus 200 yuan for craftsmanship, totals nearly 1,000 yuan. When averaged out, the craftsmanship costs nearly 100 yuan per gram, which is painfully expensive. Even more alarming is that if you buy in at 800 yuan today and want to cash out later, the buyback price is only around 400 yuan, effectively halving the value.

How has this price been driven so high? Ultimately, it’s because there’s just too little supply. South Africa is the global lifeline for platinum, but this year, the mines have been anything but stable—equipment repairs never end, workers strike and cause disputes, and production has been cut. Inventory was already tight, and now spot supply is even more scarce. Those holding stock are holding tight, and borrowing rates are soaring. Previously, platinum was cheaper than gold, but now,