Silver and other precious metals hit record highs at the close of 2025

An Extraordinary Year: Unprecedented Gains Since 1979

Precious metals closed 2025 with spectacular returns unmatched in decades. Gold experienced a year-over-year increase of 64.6%, while silver soared 148% — both marking their best performances since 1979. Platinum was not far behind with a gain of 127%, the largest since it began trading in 1987, while palladium accumulated a 77.5% increase, its best year in 15 years.

These numbers reflect a fundamental shift in market perception towards safe-haven assets amid global economic and political uncertainty.

Extreme Volatility During the Holiday Period: Peaks and Sharp Declines

During the last days of December, precious metals experienced dramatic fluctuations. Gold reached the historic figure of $4,550 per troy ounce on Boxing Day, while silver hit a maximum of $84 per troy ounce in the early hours of December 29 — an unprecedented level. Platinum reached $2,490 per troy ounce, and palladium approached $2,000 per troy ounce, hitting its highest in three years.

However, the lower liquidity characteristic of the holiday period amplified these movements in both directions. The correction was particularly severe in silver: the white metal fell more than $10 on December 29, marking the worst percentage day in over five years. This rapid movement triggered margin calls and probable forced liquidations, especially after the increase in collateral requirements by CME (COMEX operator) and the Shanghai Futures Exchange.

Key Factors Behind the Bullish Movement in Precious Metals

The upward pressure on the silver troy ounce received additional support from multiple structural factors. Concerns over limited physical supply, decreasing inventories in China, reduced holdings in COMEX, and new Chinese export restrictions coming into effect in early 2026 converged to favor these assets.

The lower market liquidity during the festivities acted as a catalyst to amplify price movements in both directions.

2026 Begins with Renewed Bullish Momentum

With the arrival of the new year, precious metal prices resumed their upward trajectory. Gold advanced nearly 3% to $4,450 per troy ounce, while silver gained over 5% to reach $76.6 per troy ounce. Both metals continue to consolidate gains in the early part of the new year.

This renewed momentum responds to changes in the macroeconomic landscape. The US military action in Venezuela intensified the search for safe-haven assets. Simultaneously, the US ISM manufacturing index recorded its weakest reading in 14 months during December, exerting downward pressure on the US dollar and increasing expectations of rate cuts by the Federal Reserve.

In this context of dollar weakness and expectations of more flexible monetary policy, non-yielding precious metals like gold and silver find a favorable environment to extend their gains.