Gold

Gold continues to surprise the markets. The gold price recently reached new record highs, driven by expectations of US rate cuts, geopolitical tensions, and a weaker US dollar. After peaking at $4,341.23/oz on October 21 2025, the spot price now hovers around $4,300/oz.

 

Silver

Silver is entering an intriguing phase. Price pressure from physical shortages — especially in London — has eased as large shipments from the US and China arrived. The interest rate for borrowing silver has collapsed from record levels.

 

Why this matters

It’s not just about numbers — it’s about scarcity, physical metal flows, and market power.

For gold: its safe-haven appeal remains strong in uncertain times.
For silver: its dual role as both an investment and an industrial metal creates constant tension between supply and demand.

As the physical pressure eases, sentiment can quickly shift — from panic to stability and renewed confidence.