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Alasdair Macleod: First half 2025 analysis of the precious metals

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Friday, July 4, 2025

It’s been a spectacular 2025 for precious metals so far. Will it continue into H2? With fiat currencies losing credibility, the answer is a resounding yes.

In quiet trading during a week foreshortened by U.S. Independence Day, gold has held up well, while silver has been squeezed higher. In European trading this morning, gold was $3,340, up $65 from last Friday's close, and silver at $36.80 was up 86 cents.

... Dispatch continues below ...


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Monday was the last trading session of the first half of this calendar year, and precious metals have beaten the socks off all other investment categories. Platinum is up 47%, palladium 24%, gold 23%, and silver 22.7%. Even copper, previously recognized as monetary in coinage, was up 21%. ...

... For the remainder of the analysis:

https://www.goldmoney.com/research/first-half-2025-pms-summary

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