Why investors are flocking to silver and platinum, not just gold

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Silver and platinum are leading a surge in hard assets, outpacing even gold’s impressive gains.
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The rally reflects how investors are prioritizing tangible value as geopolitical worries add up.
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Central banks’ gold buying shows structural demand for real assets beyond speculation.
Gold’s rally has turned heads this year, but silver and platinum are leading a broader rush into hard assets.
Spot silver is hovering around $49 per ounce, up 69% year to date after touching its record high of $49.57 on Wednesday.
Meanwhile, spot platinum is trading near $1,660 per ounce, up a staggering 83% year-to-date and around 13-year highs.
The rush into silver reflects how the white metal — alongside assets like bitcoin — is now seen as “easy-access global inflation havens,” wrote Thierry Wizman, a global foreign exchange and rates strategist at Macquarie Group, on Wednesday.
Gold’s performance — while impressive — slightly trails silver and platinum.
Spot gold prices are up 54% this year, having smashed through the $4,000 per ounce level to a record high on Wednesday. The yellow metal was trading around $4,037 per ounce at 1:50 a.m. ET on Thursday.
The synchronized rally across gold, silver, and platinum isn’t just about inflation hedging or interest rate expectations — it reflects something deeper, wrote Ole Hansen, the head of commodity strategy at Saxo Bank, on Wednesday.
The powerful gains “point to a broader trend of a rotation into ‘tangible stores of value’ across the precious metals complex,” Hansen wrote.
“In an increasingly fragmented world, the West’s weaponization of markets, payment systems, and reserve assets has eroded confidence in traditional safe havens such as the US dollar and Treasuries,” Hansen added, highlighting the West’s sanctions against Russia for its full-scale invasion of Ukraine in 2022.
That erosion of trust, Hansen argues, is driving both institutional and sovereign investors to seek security outside the traditional financial system.
The shift has fueled an unprecedented wave of gold buying by global central banks — a signal that the appetite for real, unencumbered assets is now structural, not speculative.
“The result is a market no longer dominated by short-term speculative money reacting to real-rate moves, but by a persistent structural bid for security,” Hansen wrote.
Beyond long-term structural flows, geopolitics have added fresh fuel to gold’s ascent this year.
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