Gold is trading within a few dollars of an all-time high while silver sits at levels not seen in nearly fifteen years. Foreign central bank demand and a broader shift away from US Treasuries are pushing gold higher. Silver has risen roughly 40% year-to-date on strong industrial demand and persistent safe-haven appeal, amplified by its role in green energy. Ongoing rate cuts by major central banks, coupled with enduring geopolitical tensions and economic uncertainty, are likely to support further gains. Central bank diversification has led gold holdings to surpass US Treasury holdings, reinforcing bullish momentum toward new highs by 2025.
Gold is within a few dollars of posting a fresh all-time high, while silver currently trades at levels last seen nearly a decade and a half ago. Foreign central bank demand - reflecting a broader shift away from traditional safe-haven US Treasuries - continues to drive gold ever higher. Meanwhile, silver is 40% higher on the year on a combination of strong industrial demand and continuing safe haven appeal.
Ongoing rate cuts by major central banks are set to keep driving up gold and silver prices amid enduring geopolitical tensions and economic uncertainties. The fundamental drivers supporting both metals remain robust, buoyed by continued central bank diversification away from dollar-denominated assets (US Treasuries). A recent report by fund manager Crescat Capital shows central banks' gold holdings overtaking US Treasury holdings for the first time in nearly three decades.
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