Overview
- Spot silver climbed to more than $77 per ounce on Dec. 27, while gold hovered above $4,530 and platinum spiked toward $2,470 after intraday surges.
- Gold is up roughly 70% for the year, its strongest annual gain since 1979, with silver exceeding 150% and platinum advancing around 160%–170% in 2025.
- Analysts cite sustained central‑bank purchases, a softer dollar, expectations of further U.S. rate cuts in 2026, and geopolitical tensions including U.S. actions near Venezuelan oil tankers.
- Banks and trading firms expanded metals desks, vaulting and logistics as revenues from major precious‑metals operations jumped about 50% in the first nine months of the year, according to Crisil Coalition Greenwich.
- The U.S. Mint briefly removed platinum coins from sale after a rapid price spike created a pricing mismatch, while forecasters at JPMorgan project gold could top $5,000 in 2026.