Looking into 2026, market forecasts suggest gold could target the $5,000–$5,500 range , while silver may approach $90 if supply constraints persist. For now, metals markets remain firmly in rally mode. The balance between gold and silver appears to shift. Whether that shift lasts remains the next test for investors. Silver trades near $75 per ounce as of writing, marking a historic breakout after a sharp surge on Friday. Gold follows close behind, hovering above $4,500 per ounce after setting fresh record highs earlier in the session. Source: CoinCodex On the sidelines, Platinum and palladium also posted strong gains, but silver and gold dominated investor focus. Markets pushed precious metals higher as traders priced in U.S. rate cuts, rising geopolitical tension, and thin year-end liquidity. Momentum intensified across trading desks. Could this mark a turning point in metals leadership? Gold Holds Strength as Silver Steals the Spotlight Gold rose to $4,516.50 per ounce during the session after touching a record $4,530.60, while U.S. gold futures climbed to $4,547.70. The metal now heads for its strongest annual gain since 1979, supported by Federal Reserve easing, steady central bank purchases, ETF inflows, and ongoing de-dollarisation trends. Investors continued to favor non-yielding assets as markets priced in two U.S. rate cuts next year. Physical demand showed mixed signals. Discounts in India widened to their highest level in more than six months, while discounts in China narrowed from last week’s extreme highs. Silver, however, captured attention. Prices jumped as high as $75.14 per ounce before settling slightly lower near $74.6. The metal now shows a year-to-date gain of roughly 158%, far ahead of gold’s nearly 72% rise. Supply deficits, strong industrial demand, and silver’s designation as a U.S. critical mineral drove the rally. Speculative inflows amplified the move during a period of low liquidity. Traders asked a key question. Has silver finally stepped out of gold’s shadow? A Long-Term Relationship Starts to Shift Silver and gold have tracked each other closely for more than six decades, yet gold dominated performance for much of that time. The gold-to-silver price ratio more than doubled from the 1960s through the 2000–2015 period and remained elevated after 2016. As of December 2024, the ratio stood 42% above its 2000–2015 average, reflecting gold’s long-term outperformance. Source: СoinCodex In 2025, the pattern shifted. Silver surged over 70% year-to-date through October, outpacing gold’s 53% gain during the same period. The recent breakout above $75 reinforced that reversal and signaled a notable change in relative momentum. Liquidity, Risk, and the Road Ahead Thin year-end liquidity magnified price swings across the metals complex. Speculative traders responded quickly to macro signals, while a weaker dollar added further support. Geopolitical risks strengthened demand for safe-haven assets, pushing capital toward gold and silver. Analysts pointed to structural tightness in silver markets and a smaller market size in platinum group metals as reasons behind sharp moves.
