Another day, another all-time high for precious metals. Gold, silver, and platinum all reached new record levels today.
Market experts view this increase as a warning signal. They point to declining confidence in financial systems and ongoing inflation risks. Meanwhile, the crypto community is watching to see if this momentum in precious metals could ultimately lead to a shift of capital to Bitcoin in 2026.
Gold, silver, and platinum reach new all-time highs
According to the latest market data, gold has risen above $4,500 for the first time today, with an all-time high of $4,526. At the same time, silver peaked at $72.7.
“Silver has now risen more than a dollar and is trading above $72.30. It seems that $80 is possible before the end of the year,” wrote economist Peter Schiff.
Moreover, the highest price for platinum was set at more than $2,370. Palladium rose above $2,000, a level not seen since November 2022.
The increase was not limited to precious metals. Copper rose above $12,000 per ton for the first time, heading towards the largest annual gain since 2009. Nic Puckrin, investment analyst and co-founder of The Coin Bureau, told BeInCrypto that the strong performance of precious metals is due to
“A combination of interest rate cuts, geopolitical tensions – which are flaring up again this week with Venezuela – and especially the weakening of the dollar.”
What the revival in precious metals may signal
Although record prices give optimism for further increases, some analysts believe there is a much more problematic macroeconomic reality behind this. According to Schiff, gold, silver, commodities, bonds, and currency markets together signal that the US is heading for the highest inflation in 250 years.
His warning comes despite recent figures showing a US GDP growth of 4.3% in Q3, much higher than expected. But the economist warned against taking official figures at face value.
The CPI has been manipulated to hide price increases and mask inflation for the public,” he added.
Analyst Andrew Lokenauth warned that the rapid rise in silver prices “rarely signals a good sign.” According to him, this points to declining confidence in political leaders 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 leads to a massive shift of wealth: the poor are left with worthless paper money and the rich protect themselves with gold and silver,” said Lokenauth.
Meanwhile, the DXY has significantly weakened in 2025. By the end of the year, the index has fallen below 98 again.
“The dollar index has fallen to its lowest closing price since October 3,” reported Neil Sethi.
Otavio Costa stated that the US dollar is approaching an important turning point. He noted that the DXY started the year at one of the most overvalued levels ever, and then dropped significantly to a crucial support zone that has held for about 15 years.
“That support has now been tested multiple times, especially in recent months, and I believe we are approaching a major breakout downwards – something that could have significant implications for global markets,” he said.
The analyst indicated that this is happening while foreign central banks are tightening policy, and the Federal Reserve is feeling increasing pressure to ease in order to address the rising costs of US government debt. According to Costa, large trade and budget deficits are historically often resolved through financial repression, which usually accompanies a weaker dollar rather than a strong one.
From gold to crypto? Analysts are watching for capital rotation to Bitcoin in 2026
Despite the weak DXY, Bitcoin continues to struggle. The coin is lagging behind both precious metals and technology stocks in 2025 and is on track for its worst quarter since 2018.
BeInCrypto also noted that many new investors are currently opting for traditional value storage rather than crypto. Still, many in the crypto community hope that the rally in gold will eventually be followed by a similar movement in Bitcoin.
Analyst Garrett noted that the rise in silver, palladium, and platinum is mainly due to short squeezes, but warned that such movements are unlikely to last long.
“If they start to reverse, they will likely pull gold down as well. Capital will shift from precious metals to BTC and ETH,” he said.
David Schassler, head of Multi-Asset Solutions at VanEck, also predicts a comeback for Bitcoin in 2026. According to him, this asset is poised for recovery as monetary devaluation increases and more liquidity enters the market.
“Bitcoin is about 50% behind the Nasdaq 100 Index this year, and that gap means Bitcoin could show the best performance in 2026. Today's weakness is due to less risk appetite and temporary liquidity pressure, not a failed expectation. As monetary devaluation increases, liquidity returns and Bitcoin usually reacts strongly. We are buying,” predicted Schassler.
Finally, Puckrin indicated that it is not unlikely that Bitcoin will reach new highs in 2026.
“It is certainly still possible for Bitcoin to change direction and reach new all-time highs in 2026, while gold and silver may lose some of their luster.”
In the coming months, the market will test whether precious metals can hold their record gains, or whether profit-taking will lead to a capital shift.
