The precious metals market completely boiled over at the end of 2025. Spot gold approached $4,400, setting a new historical high; silver broke through the $69 mark; platinum surged even more, standing above $2,000/ounce for the first time since 2008. What are the numbers behind this? Gold rose more than two-thirds throughout the year, silver doubled, and platinum increased by more than 120% within the year—this is the craziest year for precious metals since 1979.

Why is this happening? Two reasons are driving precious metals to soar.

First, there is a surge in demand for safe-haven assets. The geopolitical situation is extremely tense: the United States has imposed an oil blockade on Venezuela, Ukraine has attacked Belarusian oil tankers, and the Middle East situation is constantly escalating. As soon as investors hear this news, they instinctively pour money into precious metals. Gold, silver, and platinum, these traditional safe-haven assets, have become the best place for funds to escape risks.

Secondly, the expectation of interest rate cuts has arrived. The market has sensed the strong signal that the Federal Reserve is likely to cut rates in 2026. Although Trump has been calling for rate cuts, the economic data has not yet fully cooperated, but traders are already betting on at least two rate cuts. This is particularly friendly for precious metals—non-yielding gold and silver lose the pressure of holding costs in a low-interest environment and instead become the focus of capital pursuit.

Institutions are also positioning themselves bullishly. Goldman Sachs stated that the rise of precious metals has only just begun, and TD Securities predicts that 2026 will be the year when platinum and palladium lead the rise in commodities. In terms of actual actions, gold ETF holdings have been increasing month by month, and a market consensus has already formed.