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Gold and silver may have stolen headlines this year — with gold up 38% and silver rallying 43% — but platinum has quietly emerged as 2025’s strongest performer. Prices have surged nearly 57% year-to-date, including a 28% leap in June, their biggest monthly rise in decades.The World Platinum Investment Council (WPIC) believes the rally may still have further to run. The global platinum market is forecast to register a deficit of 850 koz in 2025, following a 968 koz shortfall last year. Three consecutive years of deficits have already cut above-ground stocks by 46% since end-2022, leaving inventories at their lowest in more than a decade.On the supply side, mine output is expected to drop 6% this year, with South Africa on track for its weakest production in a quarter century outside of strike or shutdown years. Recycling is rising but remains well below pre-pandemic levels. WPIC underlines that platinum supply is structurally price inelastic: even at higher prices, new mines take close to a decade to reach full production.Demand has proven equally sticky. Automotive use is holding firm despite tariffs and electrification pressures, while jewellery demand is forecast to rise 11% this year as buyers in China and India pivot from gold to cheaper platinum. Investment demand is set to edge up 2%, led by strong bar and coin buying in China and steady ETF interest. WPIC also stresses that platinum’s deep discount to gold continues to bolster both jewellery and investment flows.Brokerage SAMCO Securities echoes this view, pointing out that platinum’s surge has been driven by South African production disruptions, younger buyers shifting into platinum jewellery, and ETF inflows as investors reassess its undervaluation relative to gold.The bigger picture, SAMCO adds, is that 2025’s commodity story stretches far beyond bullion. Platinum and cobalt are leading with outsized gains, while uranium is setting up for its strongest cycle in years as nuclear energy gains prominence in powering AI-led growth and clean infrastructure.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

The United States Citizenship and Immigration Services (USCIS) has announced the first set of changes to the naturalization civics test as part of a multi-step overhaul of the American citizenship process. The new test, effective from 2025, aims to better measure applicants’ knowledge of US history and government, in line with statutory requirements.Integrity of naturalization process in focusUSCIS said the changes are introduced to strengthen the naturalization process and ensure that only those who meet all eligibility requirements can become citizens. These include the ability to read, write and speak English, and to demonstrate an understanding of the US government and civics.“American citizenship is the most sacred citizenship in the world and should only be reserved for aliens who will fully embrace our values and principles as a nation,” USCIS spokesperson Matthew Tragesser said. “These critical changes are the first of many.”Broader changes already impliedThe agency has also introduced stricter reviews of disability exceptions to the civics and English requirements and has issued new guidance for officers to assess an applicant’s ‘good moral character’. Under the updated framework, applicants are expected to show positive contributions to American society, not just the absence of misconduct.USCIS is resuming neighbourhood investigations to verify that applicants meet statutory requirements. Recent policies also clarify that unlawful voting, unlawful voter registration and false claims to U.S. citizenship disqualify an applicant from demonstrating good moral character.Officials stated additional measures will be announced in the coming weeks to “further enhance the integrity of the naturalization process.”Study materials, test questions and implementation details for the new civics test are available through the USCIS Citizenship Resource Center.