Historic gold, silver, platinum price rally continues

Core Insights - Precious metals, including gold, silver, and platinum, have reached all-time highs, driven by geopolitical tensions and a weakening US dollar [1][2] - Gold is projected to achieve its largest annual gain since 1979, with a rise of over 70% [3] - Silver has experienced a remarkable 160% rally in 2025, influenced by speculative inflows and supply disruptions [7] Gold Market - Spot gold reached a new all-time high of $4,540 per ounce, with February futures trading as high as $4,584 before settling at $4,555 [1] - Central bank purchases and inflows into exchange-traded funds (ETFs) have significantly supported gold prices, with the SPDR Gold Shares ETF increasing holdings by over 20% in 2025 [3] - The World Gold Council reported that physically-backed gold ETFs attracted $82 billion, equivalent to 749 tonnes, by December 22 [3] - Analysts suggest that the current momentum in gold prices reflects strong physical demand and macroeconomic risk sensitivity, indicating underlying conviction rather than speculation [4] Silver Market - March silver futures surged over 9% to $78.30, with significant trading activity noted [2] - The silver market has been characterized by a historic short squeeze and ongoing supply issues, particularly in major trading hubs [7][8] - Analysts highlight the need for physical silver to cover paper trades, as demand outstrips available supply [9] Platinum and Palladium - Platinum prices increased by 10% to $2,475, while palladium rose by 13% to surpass $2,000 per ounce [2] - The overall trend in precious metals indicates a strong bullish sentiment as year-end approaches, with investors showing reluctance to take profits [6]