What factors mainly affect the increase in silver prices this year?

Liang Yonghui, deputy secretary-general of the Gold and Silver Branch of the China Nonferrous Metals Industry Association, said, “Silver demand has been in short supply for five consecutive years. From the perspective of industrial demand, the use of silver in new energy vehicles, AI, semiconductors and 5G has increased significantly.”

What will be the trend of silver prices next? Bullish or bearish?

Liang Yonghui believes that, “From the technical structure of silver, it has now reached an important resistance level of $37 per ounce. Considering the international capital flow, we think that the current resistance level should be relatively easy to break through.” Secondly, the Federal Reserve may face a prolonged expectation of interest rate cuts, and other precious metals such as silver may also face an increase.

Platinum has soared by 36% within the year, igniting an investment craze

Just like silver, the price of platinum has also been soaring this year. In the previous two years, the market situation of platinum was rather sluggish, but recently the price of platinum has risen rapidly, breaking through 300 yuan per gram. Since the beginning of the year, the cumulative increase of platinum has exceeded 36%, higher than the year-to-date increase of gold.

Reporters at the Shuibei Market in Shenzhen saw that many stalls had reduced their sales of gold and added sales of platinum. Some even directly changed their sales to platinum.

Following gold, silver and platinum are becoming the new favorites in the precious metals market. However, experts caution that the precious metals market is currently experiencing significant fluctuations due to international geopolitical factors. Consumers must remain rational and avoid blindly chasing high prices to prevent losses.