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The gold price rally does not seem to have stopped yet, and silver has just reached new all-time highs. 
It’s truly a spectacular moment for precious metals, with platinum also reaching its peak.
It is worth noting, however, that copper is experiencing a different phase, which distinctly sets it apart from precious metals.
Gold Prices Rising Again
The all-time high price of gold was recorded shortly after mid-October, less than a month and a half ago, above $4,380 per ounce. 
However, two days later, a correction began that brought it back below $3,900 per ounce in just over a week. 
Regarding the classic trend of gold prices, such movements should be considered anomalous, both for the speed at which they occurred and especially for their magnitude. 
Suffice it to say, for instance, that from the end of April to the end of August, it consistently fluctuated around $3,300 per ounce, for four consecutive months. 
However, at the beginning of September, a rally began, lasting just over a month and a half, during which it surpassed $4,300 per ounce. 
Well, just under a month ago, another rally began, which, however, appears different from those of previous months. 
In fact, it had previously pushed the price above $4,200 per ounce, only to correct shortly thereafter below $4,000.
Last Monday, however, the rally resumed, pushing it back above $4,200. 
At this point, it is possible that the rally will continue, especially since $4,300 per ounce would no longer be an anomaly. 
Silver Price at Highs
The situation is slightly different for silver, but to be honest, not by much. 
The price of silver also rose between September and October, reaching new highs above $54.4 per ounce. 
Its movement practically mirrored that of gold until last Tuesday, because on Wednesday a new rally began, allowing it to record new all-time highs just today above $57.8 per ounce. 
It is noteworthy that in the past twelve months, the price of gold has risen by 60%, while that of silver has increased by almost 90%. 
Therefore, silver is outperforming gold in the markets, percentage-wise. 
If we start from the end of the bear-market in 2022, when gold was valued at less than $1,700 per ounce and silver at less than $18, the performance of the yellow metal exceeded 160%, while that of the gray metal approached +220%.
Other Metals
The fact that platinum is also performing well suggests that the precious metals sector as a whole is on the rise.
Today, the price of platinum matched the all-time high of October 17, climbing back above $1,720 per ounce. 
Its performance is more or less halfway between that of gold and silver, with a +75% over the last twelve months, and a +110% from the bear-market low, positioning it below both of the other two. 
A completely different story, however, for copper, which is not considered a precious metal on par with the other three.
Currently, the price of copper is 11% below the all-time high recorded in July, and over the past twelve months, it has increased by only 28%.
Moreover, the gains from the lowest point of the 2022 bear-market are limited to approximately 65%. 
It should be noted, however, that copper had increased significantly in the previous two years, while during that period precious metals had recorded gains but much lower. 
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As for gold, its price is driven primarily by a continuous increase in market demand for physical gold. 
Partly, it is being helped by a slight market aversion towards risk-on assets, such as Bitcoin, but it is primarily the increase in demand for physical gold that has been driving its price up for such a long time now.
Indeed, there are many analysts who argue that it could continue to grow even in 2026. 
As for silver, there are no circulating news capable of significantly influencing its price. Therefore, it might have been partly dragged by gold, and partly there could be a mini-speculative bubble similar to the one that inflated gold in October.