Let's talk about platinum in the bullish metals market.

The World Platinum Investment Council's latest view is that the January pullback was essentially a sentiment premium unwind, with prices returning to fundamentals-based valuation.
The core remains unchanged—supply shortages.
Platinum's structure is somewhat similar to silver, with long-term demand consistently exceeding total mine plus recycled supply.
2024 marks the third consecutive year of shortages, with a gap approaching 995,000 ounces.
It is expected to slightly widen in 2025.
By 2026, it may temporarily approach balance.
However, from 2027 to 2030, it is likely to remain in a mild deficit state, about 300,000 to 400,000 ounces annually.
Even with emotional fluctuations, the underlying supply and demand logic remains intact. In the short term, prices are driven by capital speculation, but in the long term, it depends on whether the deficit can be sustained.
Short-term, platinum has basically corrected.