Overview
- Spot silver crossed $75 per ounce for the first time and gold briefly exceeded $4,530, with platinum also hitting a record as precious metals extended a powerful year‑long rally.
- Fresh geopolitical flashpoints — including US pressure on Venezuelan oil shipments and a US strike in Nigeria — coincided with the dollar’s weekly drop, reinforcing haven flows.
- Market support has come from three Fed cuts this year and expectations for more easing in 2026, alongside persistent ETF accumulation and ongoing central‑bank purchases.
- Silver’s surge has been amplified by October’s short squeeze, lingering supply dislocations between trading hubs and strong industrial demand, helping it outpace gold in 2025.
- Trading remains holiday‑thinned and momentum‑driven, with analysts flagging volatility risks even as US benchmarks notched record closes and investors talk up a Santa Claus rally.