Another day, another all-time high for precious metals. Gold, silver, and platinum reached new record levels today.
Market experts see this increase as a warning sign, pointing to a decline in confidence in financial systems and ongoing inflation risks. At the same time, the cryptocurrency community is evaluating whether this momentum in precious metals could eventually turn into a capital rotation towards Bitcoin in 2026.
Gold, silver, and platinum hit all-time highs.
According to the latest market data, the price of gold surpassed $4,500 for the first time today, achieving an ATH of $4,526. Meanwhile, silver peaked at $72.7.
"Silver has risen more than a dollar now, trading above $72.30. It seems that $80 is in play before the end of the year," wrote economist Peter Schiff.
Moreover, the highest price for platinum was recorded at over $2,370. Palladium surpassed the $2,000 mark, a level we last saw in November 2022.
The wave has spread beyond precious metals. Copper prices rose to $12,000 per ton for the first time, on track for the biggest annual gains since 2009. Bokrin, an investment analyst and co-founder of The Coin Bureau, told BeInCrypto that the standout performance of precious metals was driven by
"A combination of interest rate cuts, geopolitical tensions – which resurfaced this week with Venezuela – and most importantly, a general dollar devaluation trade."
What could warn of a precious metals gathering.
While record prices have sparked optimism about continued rises, some analysts believe they may conceal a more troubling macro reality. Schiff argued that gold, silver, commodities, bonds, and foreign exchange markets collectively indicate that the U.S. is heading towards the highest inflation in its 250-year history.
His warning comes despite recent data showing U.S. GDP growth of 4.3% in the third quarter, which far exceeds market expectations. However, the economist warned against taking official numbers at face value.
He added: "The consumer price index is distorted to hide rising prices and conceal inflation from the public."
Analyst Andrew Luknath warned that the rapid rise in silver prices "is rarely a good sign." According to him, it indicates a decline in confidence in political leadership and fiat currencies.
"This happened just before the fall of Rome, during the French Revolution, and when the Spanish Empire collapsed. It not only predicts chaos, but often causes it. It triggers a massive transfer of wealth: leaving the poor behind with worthless paper money while the rich protect themselves with gold and silver," said Luknath.
Meanwhile, the DXY index weakened significantly throughout 2025. As the year comes to a close, the index fell back below 98.
"The dollar index fell to its lowest close since October 3," said Neil Sethi.
Octavio Costa revealed that the U.S. dollar is nearing a critical turning point. He noted that the DXY index started the year at one of its most overvalued levels ever before sharply dropping to a major support area that has lasted for about 15 years.
"This support has been tested several times, especially in recent months, and in my opinion, we are approaching a major collapse — which could have deep implications for global markets," he said.
The analyst noted that this comes at a time when foreign central banks are moving towards a more stringent policy, while the Federal Reserve faces increasing pressure to ease measures managing the rising costs of U.S. debt servicing. According to Costa, the large trade and financial deficits are historically resolved through financial repression, a process that often occurs alongside a weak dollar rather than a strong dollar.
From gold to digital currencies? Analysts are watching the shift of capital to Bitcoin in 2026.
Despite the weakness in the DXY index, Bitcoin continued to struggle. The asset lagged behind both precious metals and tech stocks in 2025, on track for its worst quarter since 2018.
BeInCrypto also highlighted that many new investors currently prefer traditional stores of value over exposure to digital currencies. However, many in the digital currency community remain optimistic that a rise in gold may eventually be followed by a similar movement in Bitcoin.
Analyst Garrett noted that the rise in silver, palladium, and platinum seems driven by short-selling pressures, warning that such movements are unlikely to continue.
"When you start to reverse, it's likely to pull gold down as well. Capital will shift from precious metals to Bitcoin and Ether," he claimed.
David Shasler, head of multi-asset solutions at VanEck, also expects a Bitcoin resurgence in 2026. He believes the asset is positioned for recovery as cash declines and market liquidity returns.
"Bitcoin has lagged behind the Nasdaq 100 index by about 50% since the beginning of the year, and this change makes it one of the best indicators in 2026. Today's weakness reflects risk aversion and temporary liquidity pressures, not a broken thesis. As the reduction escalates, liquidity returns, and Bitcoin historically responds sharply. We have been buying the market," predicted Shasler.
Finally, Bokrin pointed out that Bitcoin reaching its highest levels in 2026 is not an unlikely scenario.
"Most importantly, there is still a significant possibility that Bitcoin will change its course and achieve new ATH indicators in 2026, while gold and silver may start losing some of their luster.
In the coming months, markets will test whether precious metals can maintain record gains, or whether the expectation of profit will ignite capital rotation.
