(BFM Stock Exchange) – Metal silver and platinum tend to regain interest from investors who are looking for less expensive alternatives to gold. The courses of the two white metals have been progressing clearly since the beginning of the year.

On the precious metal market, operators monitor the level of money and platinum with more and more attention. This even though gold is negotiated over 3.400 dollars an ounce, with the renewed geopolitical tensions in the Middle East.

The prices of the precious yellow metal have increased by almost 30% since the start of the year and 46% over a year, carried by a conjunction of factors, in particular gold purchases from large power stations in emerging countries, such as China and Poland. Refuge value par excellence, gold demand was also supported by economic and geopolitical uncertainties.

Recall that several design offices are optimistic about the evolution of gold prices, with a view to worsening commercial and geopolitical risks.

In this context, investors, companies and states are looking for less expensive alternatives. Of which the metal silver which jumped almost 12% over a month, bringing its earnings to almost 23% since the start of the year. At more than 36 dollars an ounce (31.1 grams), money is growing at 13 years old, recalls UBS in a note published Monday June 9.

“While investors have been firmly attached to gold, in recent weeks, it is the white precious metals that have been under the fire of the ramp. Platinum and money, in particular, have been the subject of particular attention for the first time in a certain time,” said his strategist Joni Teves.

More malleable and less expensive than gold, metal silver evolves according to a trend which tends in the long term to follow that of yellow metal, but with often greater volatility.

An appetite for money

The greatest availability (there would be in quantity fifteen times greater than gold in the earth’s crust) makes money much more accessible. Nowadays, it is industry that represents most (63% in 2024, according to the Silver Institute) of global demand for money.

Metal is essential in many industrial processes. Its strong electrical conductivity in fact in particular an ingredient prized in electronics for the creation of printed circuits

It is also necessary for many chemical processes, used in certain aeronautical parts, in the medical field or in the automobile. The price of money was also stimulated by its use in applications related to artificial intelligence, also explains the Silver Institute. All these elements accentuate the volatility of the courses compared to those of gold.

Also the indexed indexed indexed funds (such as the Ishares Silver Product) have received an equivalent demand equivalent to more than 300 tonnes since the beginning of 150 tonnes in May, reports the Financial Times.

Speculators are therefore very attentive to what is called the or/silver ratio, which has varied strongly during history, by exploding as the demonetization of money during the 20th century. This ratio climbed more than 90 in June (in other words, the price of an ounce of gold made it possible to acquire more than 90 ounces of silver), against a historic average of 68, recalls Joni Teves strategiste at UBS.

“It looks like a movement to catch up on platinum and silver compared to gold,” said Bloomberg, Suki Cooper analyst of precious metals at Standard Chartered.

UBS even believes that “silver and platinum fly the gold show”. The Swiss bank also explains for money that metal finally begins to catch up on gold. The Swiss design office, has thus noted its short -term course forecast to 38 dollars per ounce and does not exclude that metal reach a level of $ 40 an ounce.

“When the money has reached its highest historic level at nearly 50 dollars in 2011, it is partly the demand of individuals in China that was the engine. The positive feeling about gold being very strong in China, it will be important to observe if part of this feeling ends up passing on money,” said Joni Teves.

“Money still has an increase potential and prospects for surpassing gold, although the risks of decreasing global growth suggest that the ratio may not necessarily return to these average historical levels,” added the strategist.

The platinum also stands out

Thirty times rarer than gold, platinum is as sought after. An ounce of platinum was worth 1.272 dollars at the end of the week, 40% more than at the start of the year. Metal prices have even increased by 18% since the beginning of June, in doing so, the best monthly progression for the plate since 2008, reports the Financial Times.

Platinum is for example integrated into a tiny quantity in anticancer drugs, or is even vital for the world’s supply of oil. Without this precious metal, oil refineries could not produce enough fuel to meet demand. The automotive industry consumes the most platinum since 40% of the world resources in this metal are used by this sector. The tightening of the regulations on polluting emissions, which results in an increase in the quantities of platinum per vehicle, feeds demand.

In the first quarter, global demand increased by 10% compared to the previous year, reaching 2,274 thousand ounces, according to a World Platinium Investissement Council report published last May.

The institution explains this development by high investment demand, mainly due to a significant increase in platinum stocks held on the stock market. The World Platinium Investissement Council also expects this high investment request to continue and that it reaches 688 thousand ounces in 2025. It will be supported by a large demand for ingots and platinum parts in China.

Heavier and more resistant than gold, platinum is also known to be used in jewelry for the manufacture of so -called “eternal” jewelry. This white metal is renowned for its wear resistance and does not tarnish over time.

And during the first quarter of 2025, the platinum demand for the jewelry sector increased in all regions, with the exception of India, with an increase of 9%, or 533 thousand ounces, according to data from the World Platinium Investissement Council.

“The sharp increase in platinum imports in China in April was one of the catalysts for market optimism and the price increase at the end of May,” adds UBS.

For the whole of 2025, the request for jewelry should continue the recovery observed in 2024, increasing by 5 % compared to the previous year to reach 2,114 thousand ounces, the platinum continuing to benefit from its discount compared to gold, also specifies the institution.

Especially since the platinum market is in structural deficit for the third consecutive year, according to a report by the World Platinium Investissement Council published last May.

The institution warns that the total offer scheduled for 2025 will be the lowest in the last five years, with a drop of 4% to 6,999 thousand ounces.

“We note that the diversity of platinum demand gives it a great capacity for resistance, even if the new approach of the American government in terms of pricing policy begins to produce its effects. At the same time, it is largely established that the supply of platinum mines continues to be confronted with risks of decline,” said Trevor Raymond, president and chief executive officer of the World Platinum Investment Council.

UBS for its part, notes that the platinum market remains “tense” this year, in terms of supply and stresses that confidence on the demand for jewelry in China can carry the precious metal.