The yellow metal broke past $4,200 an ounce again this week, closing in on its all-time high of $4,379.13 reached on October 17. Silver is up 80 percent this year and is also on track for its best year ever.
Spot silver prices rose to just a few cents below the record price of US$54.47 per ounce on Thursday morning (13 November). Silver futures reached a new record high from US$54,415 per ounce in early morning trading.
Gold rose this week even after news that it lasted the longest US government shutdown in history was coming to an end – typically the kind of development that would reduce demand for safe haven assets. Yet there is persistent weakness in the US labor market cherish expectations of further interest rate cuts by the Federal Reserve in December.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, explained that gold is gaining investor sentiment.
“The metal rose nearly 3 percent (on Nov. 11) — even outperforming Mag7 stocks — while you would normally expect gold to pull back due to better risk-taking and higher U.S. interest rates, raising the opportunity cost of holding it,” she said in an email commentary shared with the Investing News Network. “But that’s all out the window. Gold is behaving like a meme stock, suggesting the last mile of the year could be more unpredictable than predicted.”
What does it mean to say gold behaves like a meme stock? In short, this implies that the gold market is exhibiting unusual trading dynamics, with investment demand sometimes appearing more momentum-driven than data-driven.
The rise in gold and silver may reflect the good precious metals vibes investors are feeling right now. Social media is buzzing with messages like “GOLD to $5,000!” and trending hashtags such as #GoldRush2025 and #SilverSqueeze2.
Funds traded on the gold exchange are particularly popular with private investors. This is reported by Sherwood News on Tuesday (Nov. 11), daily call volumes for the SPDR Gold Trust (ARCA:GLD), which is backed by physical gold, surpassed 1 million as of 1:10 p.m. EST, “about triple their average of 334,000 over the last 10 full sessions.”
While the speed and magnitude of gold and silver price increases indicate a strong sentiment-driven acceleration, this momentum does not detract from the strong fundamentals for gold and silver.
Yes, we will likely see price declines, but the overall upward momentum is still supported by macro forces such as economic uncertainty, concerns about Fed independence, geopolitical risks and, in the case of silver, supply-side concerns.
For a deeper dive into where gold and silver are headed in 2025 and 2026, check out the Investing News Network’s latest video interviews with top analysts in the precious metals markets.
Don’t forget to follow us @INN_bron for real-time updates!
Securities Disclosure: I, Melissa Pistilli, have no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the views of the Investing News Network and do not constitute investment advice. All readers are encouraged to conduct their own due diligence.
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