Gold and Silver Climb to New Record Highs as Bull Run Continues

This last week had silver and gold prices hit new highs, extending a remarkable year-end rally in precious metals. The gains were driven by rising geopolitical risks, reduced market liquidity, and a weaker greenback, which amplified price movements. 

Silver’s price moved past $77 an ounce, representing a more than 7.5% increase. Spot gold briefly traded at $4,530.02 an ounce, an increase of about 1.1%. The Bloomberg Dollar Spot Index also fell 0.7% over the week, marking its sharpest decline since Q2. A softer dollar typically boosts gold and silver prices. 

These shifts come as rising geopolitical tensions continue to boost demand for safe-haven assets like silver and gold, a sentiment echoed by Sky Links Capital Group’s CEO, Daniel Takieddine. He adds that thin liquidity toward year-end has also intensified price volatility. 

In Venezuela, U.S. actions to block oil shipments and increase pressure on President Nicolás Maduro’s government have unsettled markets. At the same time, Washington in collaboration with Nigeria’s government recently carried out a military operation in Sokoto State, located in the country’s north-western region. 

The West African country is battling various armed groups, including an offshoot of the Boko Haram extremist group dubbed the Islamic State West Africa Province. These actions have further supported interest in precious metals. 

As the year draws to a close, figures show that silver has surged more than 150% while gold has climbed about 70%, putting both metals on course for their strongest annual performances since the late 70s. The powerful rally has been driven by strong inflows into exchange-traded funds, with assets in SPDR Gold Trust increasing by over 20% this year. SPDR Gold Trust (NYSEARCA: GLD) is the largest physically-backed gold ETF globally. 

Robust central-bank buying and consecutive interest-rate cuts have also fueled the rally, with lower interest rates reducing the opportunity cost of holding precious metals, and, making them more attractive to investors. 

Momentum earlier in the year was also fueled by concerns over threats to the independence of the Federal Reserve, alongside President Trump’s forceful efforts to reshape global trade. 

Other precious metals that have recorded positive shifts include platinum, which has surged by over 40% this month alone. The metal climbed above $2,400 an ounce, representing an increase of over 150% in 2025. Platinum is crucial for the automotive and jewelry industries and while there’s strong physical demand, global supply is set for a third consecutive annual deficit. This is primarily driven by disruptions and reduced output from Russia and South Africa. 

Investors and mining ecosystem players like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) will be glad that precious metals are ending the year on a high and they look forward to an equally positive 2026. 

NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF 

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