Shiny metals are all the rage this year, with gold and silver on a tear. So it might be tempting to see platinum’s revival — the metal is up almost 80 per cent since January — as the result of spillover demand from investors seeking a hedge against currency debasement. But while platinum has in the past been viewed as a store of value, it is now best understood as a hedge against the slowing energy transition.
闪亮金属今年大行其道，黄金和白银涨势如虹。因此，人们或许会把铂的回暖——自1月以来铂价上涨近80%——解读为投资者为对冲货币贬值而产生的溢出需求。但尽管铂过去曾被视为一种价值储藏，如今更应将其理解为对能源转型放缓的对冲工具。
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