Last year, 2025, was an extraordinary year for the world and for precious metals markets.

This year, 2026, promises, or threatens, to be even more extraordinary as last year’s trends continue to unfold, perhaps in more volatile fashion.

Looking at precious metals, last year was unprecedented in many ways.

• Gold, silver, and platinum all rose sharply to new record levels.
• Palladium prices more than doubled, although they did not surpass their 2022 record price.
• Investment demand rose sharply in the face of the greatest levels of political and economic risks and uncertainties since December 1941.
• Also: A problem in the precious metals markets is that there was a sharp increase in the volumes of misinformation, disinformation, outright dishonesty, and scams in 2025.

Some tables and charts later in this Market Commentary illustrate the extraordinary precious metals price movements last year.

This year promises, or threatens, to be even more extraordinary. Or not

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