More than 65% increase in 2025 for gold in dollars (more than 45% in euros) and 147% for silver in dollars. Precious metals are flying from record to record. Gold exceeded 4,600 dollars at the beginning of January (nearly 4,000 euros). Some see it soaring towards $5,000 per ounce by the end of the year.
Money, often referred to as “poor man’s gold”, blazes even more. Up almost 25% since the start of the year, it exceeded 90 dollars per ounce (78 euros) on January 14. And for good reason, China has announced its desire to control exports like critical industrial metals from January 1: “13% of the world’s money supply could become inaccessible» underlines Christophe Dembik, investment strategy advisor at Pictet AM.
A configuration that recalls historical precedents. “Gold had reached a high of $850 in January 1980, or $3,500, when adjusted for inflation” underlines Nicolas Cracco, general manager of Gold Avenue. Before losing nearly 45% of its value in five years. “We had to wait until 2025 for the 45-year-old gold record to finally be surpassed in real terms,” admits Nicolas Cracco.
Safe haven
Now, gold is regaining its role as a safe haven. “The planets are aligned to support the appetite for precious metals: geopolitical tensions, monetary devaluation of the dollar, intensification of purchases by central banks. observes Romain Houet, equity manager, head of strategy at MCA Finance.
If China was already wary of American debt, the freezing of Russian dollar assets to sanction the invasion of Ukraine acted as a detonator among Asian investors and emerging countries. “Central banks, net buyers since 2008, have accelerated their purchases,” underlines Alexandre Carrier, manager-analyst at DNCA.
Diversification of financial portfolios
Investors are therefore diversifying their assets into precious metals deemed “solid“. And all the more so since after the stock market records linked to AI, many fear backlashes on stocks, while American monetary policy and the growing deficits of the United States cast a shadow over the value of the dollar which everyone sees falling again this year.
Gold represents today less than 2.5% of financial investments, according to a Bank of America survey of fund managers from September 2025. But some investors advise holding close to 5% or even 15% to 20%. “It’s more than an attack of fever but a major structural change” adds Romain Houet who advises holding 5% of precious metals for their character “anti-fragile”.
Money: an additional industrial dimension
If it does not fill the safes of central banks like gold, the gray metal has also taken its place in investors’ portfolios. “Silver combines a store of value function and growing industrial utility, making it a particularly interesting hybrid asset in the context of the energy transition.» underlines Benjamin Louvet, director of raw materials management at OFI Invest AM. Silver is increasingly used in solar panels and vehicles for its ability to conduct electricity. Additionally, demand exceeds supply due to mining underinvestment for silver, as with platinum and copper. “It would be “exaggerated to count on a reiteration in 2026 of the performances of gold and silver in 2025” warns Alexandre Carrier. But he nevertheless notes that “the structural factors that support demand for precious metals remain.”
