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The white medals lead the markets this week, supported by the tightening supply and industrial demand. Silver surged up to over 5%, smashing through the $35 barrier, while platinum shot up 13%. Palladium showed strong movement as well with a 7.5% gain.
As the dollar decline continues, commodities are showing signs of a breakout. Further reinforcing the hard asset shift seen in the markets. Let’s take a look at where prices stand as of recording Wednesday, June 11:
The price of gold is down about 0.5% from our last recording, to $3,355 an ounce.
The price of silver is up just over 5% from our recording last week, sitting at $36.25 an ounce.
Platinum rose up about 13% on the week, sitting at about $1,232.
Palladium up about 7.5%, currently sitting at $1072 per ounce.
Now taking a quick snapshot at the paper markets…
The S&P 500 is up about 0.75%, currently sitting at 6,024 and right at the bottom of the very key trading range.
The US dollar index is down about 0.25% over the last week, sitting at 98.80. 
White Metals Outperforming Gold
Over the past week, silver and platinum have significantly outperformed gold, with silver surging over 5% to break through the $35 mark and platinum spiking 13% to $1,232. Palladium also saw a robust 7.5% gain.
These moves are not isolated; they reflect a broader commodities rally, with platinum in particular benefiting from persistent supply deficits—production has lagged demand by 500,000 to 750,000 ounces annually for three consecutive years. This structural shortfall is finally being priced in, offering hope to long-term holders who have waited years for such a move.
Gold Holds Steady, Awaiting a Breakout
Gold has remained relatively stationary, down about half a percent for the week, but technical analysis shows a potentially bullish setup. After a correction from its all-time high in April, gold broke out above its declining channel and has since retested that breakout level, now acting as support.
The next technical milestone is a move above $3,400, which could set the stage for a retest of the previous all-time high and potentially new highs. Notably, the anticipated seasonal summer decline in gold may not materialize, suggesting continued strength in the current bull market.
Platinum, Silver Ratio Trades
The dramatic outperformance of white metals has created compelling ratio trade opportunities. Platinum, historically priced at twice the value of gold, is now only a third of gold’s price. Even a move toward parity would present a strong case for swapping platinum into gold and increasing total ounces held.
Similarly, the gold-to-silver ratio, which recently exceeded 100:1 (a rare occurrence), has begun to contract, now at 90:1. Historical precedent shows that such extremes in the ratio often precede major silver rallies—recent years have seen silver jump 30–80% following similar setups. If the ratio returns to its long-term average (around 65:1), silver could approach $47 an ounce even if gold prices remain steady.
Commodities Reawakening
The broader commodity complex is showing signs of life after years of underperformance relative to equities. The S&P Commodity Index has bottomed against the S&P 500, signaling a potential multi-year uptrend for commodities.
This is supported by central banks globally increasing their gold reserves amid ongoing currency devaluation and competitive “currency wars.” The undervaluation of commodities, especially precious metals, positions them as attractive assets in a world where fiat currencies are being systematically weakened.
Dollar Weakness, Inflation Surprises, and Policy Shifts
The US dollar continues its downward trend, now below 99, which historically supports higher precious metals prices. Despite recent CPI data showing muted inflation, the panel notes that inflation is likely to creep higher in the coming months, especially as the effects of tariffs and policy changes are felt.
Oil, a key input for global inflation, has shown signs of bottoming, with some analysts turning bullish—potentially reigniting inflationary pressures. The current environment, characterized by GDP growth and a weakening dollar, remains supportive for precious metals, even as short-term inflation readings appear subdued.
Get Started Today
Amid a weakening dollar and shifting inflation, gold continues to shine. After all, it is the one true currency — real, tangible, and inherently valuable. Now is the time to build and preserve your legacy with investments in gold and precious metals.
Your trusted advisors at McAlvany are ready to help you make your next move. We’re happy to speak with you on a complimentary, no obligation call. Reach us at 800-525-9556.
