Gold and silver poised for best year in decades

Gold and silver poised for best year in decades

BLOG

Gold and silver poised for best year in decades despite slipping early Wednesday as silver tumbled from near-record highs on profit taking and a stronger dollar. Platinum is also set for its biggest annual gain on record.

Precious metals have gotten a boost this year on geopolitical and economic risk as well as anticipation of future interest rate cuts. 

February gold futures rose 1% Tuesday to settle at $4,386.30 an ounce on Comex, though the most-active contract retreated 3.7% in the first two days of the week. Bullion is up 3.1% in December after gaining 6.5% in November and increasing 3.2% in October. It’s up 66% this year. The metal rose 27% in 2024, its biggest annual gain since 2010.  The February contract is currently down $25.10 (-0.57%) an ounce to $4361.20 and the DG spot price is $4343.00.

March silver futures rallied 11% Tuesday to settle at $77.92 an ounce on Comex, and the most-active contract gained 0.9% so far this week. The white metal hit a series of record highs this month. Silver is up 36% this month after increasing 19% in November and rising 3.3% in October. It’s up 166% this year after rising 21% in 2024. The March contract is currently down $5.119 (-6.57%) an ounce to $72.800 and the DG spot price is $73.41.

Most global financial markets will be closed Thursday for New Year’s Day.

Gold in particular has been sensitive to speculation about multiple U.S. interest rate cuts in 2026. Lower interest rates are typically bullish for precious metals, making them a more attractive alternate investment. 

The minutes of this month’s Federal Reserve policy meeting, which came out Tuesday, showed that policymakers were tightly split over whether to cut rates this month. The Fed ended up reducing interest rates for a third consecutive time to 3.50% to 3.75%. The minutes indicated that this divide is likely to persist, however.

“With respect to the extent and timing of additional adjustments to the target range for the federal funds rate, some participants suggested that, under their economic outlooks, it would be appropriate to keep the target range unchanged for some time after a lowering of the range at this meeting,” the minutes stated. 

About 85% of investors are betting that the Fed will keep interest rates unchanged at the next policy meeting at the end of January, according to figures tracked by the CME FedWatch Tool. About 16% expect another 25 basis point cut. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts last year. 

Precious metals have also soared in recent weeks on geopolitical tensions, including between the U.S. and Venezuela and the ongoing conflicts in Ukraine and Gaza. Precious metals are a traditional hedge against geopolitical and economic uncertainty. 

Silver, meanwhile, has been rallying on industrial demand and tight supply as it’s increasingly considered a critical metal for electronics and other goods. The same is true for platinum and palladium, which also had a strong year. 

Spot palladium advanced 1.5% Tuesday to $1,651.50 an ounce but has plunged 15% so far this week. Palladium is up 14% this month after adding 0.5% in November and rising 14% in October. Palladium is up 78% this year after dropping 17% in 2024. Currently, the DG spot price is down $54.10 an ounce to $1643.00.

Spot platinum rose 7% Tuesday to $2,235.00 an ounce but is down 7.9% so far this week. It’s up 35% in December after climbing 4.7% in November and rising 1% in October. Still, platinum is up 145% in 2025 after losing 8.4% in 2024.  The DG spot price is currently down $169.70 an ounce to $2085.40.

Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.

DG Holiday 2025 Hours

Holiday Hours for 2025

BLOG

As we head into the Holiday Season, please note the days and times on the calendar below that details the 2025 Holiday Schedule for all Dillon Gage departments. All times are Central Daylight time.

We wish you and your family a very happy holiday season and look forward to serving you in 2026!

Gold building on rate cut hopes

Gold building on rate cut hopes

BLOG

Gold buildng on rate cut hopes, with an additional boost from a weaker dollar. Silver was steady after retreating from record highs.

Investors are awaiting key inflation data that may signal what the Federal Reserve will do at its upcoming policy meeting next week. The central bank is widely expected to cut interest rates for the third time in a row.

The Fed’s favorite inflation measure, the personal expenditures price index, is set for release Friday. The government shutdown in October and part of November delayed a lot of economic data, keeping policymakers largely blind when considering the state of the economy so the data that is available is being closely scrutinized. 

The private payrolls report from ADP on Wednesday, provided the most recent picture on labor market conditions on Wednesday. It showed the largest monthly drop in more than two and a half years in November, with a surprise 32,000-job decline. The Fed has said it closely watches inflation and labor market data when setting monetary policy.

The monthly U.S. jobs report for November, which normally comes out the first Friday of the following month, isn’t coming out until Dec. 16 and will be combined with the October report. The September figures came out Nov. 20. 

Investors are pricing in a 25 basis point cut at next week’s Fed meeting. More than 87% of the investors tracked by the CME FedWatch Tool are betting that the Fed will cut rates by 25 basis points Dec. 10, while the rest expect rates to stay unchanged. An additional rate cut would be considered bullish for precious metals, making them a more attractive alternate investment. 

October’s interest rate reduction to 3.75% to 4.00% was the second 25-basis point reduction in a row. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts last year. 

February gold futures rose 0.3% Thursday to settle at $4,243.00 an ounce on Comex, and the most-active contract lost 0.3% in the first four days of the week. Bullion gained 6.5% last month after increasing 3.2% in October and surging 10% in September, the most in six months. It’s up 61% this year. The metal rose 27% in 2024, its biggest annual gain since 2010.  The February contract is currently up $20.40 (+0.48%) an ounce to $4263.30 and the DG spot price is $4242.90.

March silver futures decreased 1.9% Thursday to settle at $57.49 an ounce on Comex, though the most-active contract rallied 0.6% in the first four days of the week. Silver increased 19% in November after rising 3.3% in October and adding 15% in September. It’s almost doubled this year after rising 21% in 2024.  The March contract is currently up $1.189 (+2.07%) an ounce to $58.680 and the DG spot price is $58.57.

Silver traders took profits Thursday after the white metal rose to an all-time high earlier in the week on a historic squeeze in the London market. 

Spot palladium decreased 1.3% Thursday to $1,456.00 an ounce after gaining 0.3% in the first four days of the week. Palladium added 0.5% in November after rising 14% in October and gaining 14% in September. Palladium is up 57% this year after dropping 17% in 2024. Currently, the DG spot price is up $29.00 an ounce to $1478.00.

Spot platinum edged up 0.1% Thursday to $1,660.30 an ounce and up 0.2% so far this week. It climbed 4.7% in November after rising 1% in October and gaining 15% in September. Platinum is up 82% in 2025 after losing 8.4% in 2024.  The DG spot price is currently up $2.70 an ounce to $1658.50.

Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.

Gold slips, but heads for weekly gain

Gold slips, but heads for weekly gain

BLOG

Gold slips early Friday amid increasing sentiment that the Federal Reserve may leave interest rates unchanged next month, though a softer dollar has the yellow metal headed for a weekly gain. While spot gold dropped 3.1% as of 09:02 a.m. ET, it’s still up 1.4% this week. Continue reading →

Gold rises on signs of weakening economy

Gold rises on signs of weakening economy

BLOG

Gold rises early Monday to two-week high on haven demand after U.S. consumer sentiment fell to almost the lowest level on record, signaling a weakening economy. The yellow metal also boosting on signs that the government may be opening, giving rise to hopes of economic data finally being released that supports a December rate cut. Continue reading →

Gold firms above $4,000 an ounce

Gold firms above $4,000 an ounce

BLOG

Gold firms above $4,000 an ounce in Monday morning trading as investors await Wednesday’s private payroll data. That’s despite a stronger dollar, the end of a tax rebate in China and concern that the Federal Reserve may not cut interest rates again this year. Continue reading →

Gold, silver climb to new record highs

Gold, silver climbed to new record highs

BLOG

Gold and silver climbed to new record highs early Friday on fears about a credit crisis and ongoing trade tensions between the U.S. and China as speculation mounted over a monetary policy. The yellow metal soared past the $4300 an ounce mark, before retreating after President Trump said his proposed 100% tariff on goods from China would be unsustainable. Continue reading →

Gold tops $3800 Benchmark

Gold tops $3800 Benchmark

BLOG

Gold tops the $3800 benchmark, hitting yet another record high early Monday as a potential U.S. government shutdown and geopolitical concerns drove safe-haven demand. The bullion was also buoyed by a softer dollar and expectations of more U.S. rate cuts. The surge follows gold’s sixth consecutive weekly gain as investors await further signals about the state of the economy and monetary policy. Continue reading →

Gold steady as inflation data lifts rate cut hopes

Gold steady as inflation data lifts rate cut hopes

BLOG

Gold steady Friday, headed for a sixth weekly gain as investors access this morning’s inflation data that lifts rate cut hopes. U.S. inflation data came in line with expectations, reinforcing bets that the Federal Reserve may continue with interest rate cuts later this year. Meanwhile, platinum is at over a 12-year high. Continue reading →

Gold hits new record on jobs report

Gold hits new record on jobs report

BLOG

Gold hits new record above $3580 an ounce on this morning’s jobs report, headed for its third weekly advance as Friday’s key U.S. monthly jobs report data reinforces expectations that the Federal Reserve will cut interest rates later this month.

Nonfarm payrolls increased by just 22,000 for August, lower than the 75,000 forecast, while the unemployment rate rose to 4.3% according to the Bureau of Labor Statistics. The report showed a marked slowdown from the July increase of 79,000, which was revised up by 6,000. Revisions also showed a net loss of 13,000 in June. The August jobs report is one of the central bank’s most closely watched economic indicators, along with inflation. Today’s data shows that the labor market extended its weakness to the longest stretch since the pandemic. Gold is a traditional hedge against economic uncertainty. It also tends to rally when the Fed reduces interest rates, becoming a more attractive alternate investment. 

December gold futures fell 0.8% Thursday to settle at $3,606.70 an ounce on Comex, and the yellow metal is up 2.6% so far this week. U.S. financial markets were closed Monday for the Labor Day holiday. Bullion added 5% in August after gaining 1.2% in July and slipping 0.2% in June. It’s up 37% this year. The metal rose 27% in 2024, its biggest annual gain since 2010.  The December contract is currently up $27.70 (+0.77%) an ounce to $3634.40 and the DG spot price is $3593.80.

Ahead of the U.S. nonfarm payrolls report, ADP data showed Thursday that private-sector employment growth slowed last month. The report released Thursday showed an increase of 54,000 jobs in August, well below the 75,000 forecast by economists and the 104,000 the report showed for July. 

In addition to the economic picture, gold has rallied on concerns about the Fed’s independence in setting monetary policy. U.S. President Donald Trump attempted to fire Fed Governor Lisa Cook for alleged mortgage fraud last week and she has sued to retain her job. 

Separately, Stephen Miran, whom Trump nominated last month to fill the unfinished term of Fed Governor Adriana Kugler, said this week at his confirmation hearing that he doesn’t plant to leave his current position as chair of the White House Council of Economic Advisers if confirmed. That would give the White House a direct line to the traditionally independent central bank. Trump and his administration have long called for expedited rate cuts.

Over 83% of the investors tracked by the CME FedWatch Tool are betting that the Fed will cut rates by 25 points this month, while 16% say the rate cut will be 50 points. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts last year. The Fed kept interest rates unchanged in July at 4.25% to 4.50%, a rate that it’s held all year. 

The Fed’s favorite inflation measure, the personal consumption expenditures price index, came out  last week with July data. The measure showed that core inflation rose to 2.9% in July, the highest level since February. The Fed’s inflation target is 2%. 

Front-month silver futures lost 1.5% Thursday to settle at $41.42 an ounce on Comex, though the metal is up 1.7% so far this week. Silver rallied 11% last month after rising 1.5% in July and increasing 9.5% in June. It rose 21% in 2024. The December contract is currently up $0.418 (+1.01%) an ounce to $41.835 and the DG spot price is $41.46.

Spot palladium decreased 2.9% Thursday to $1,131.50 an ounce but is up 1.8% so far this week. Palladium decreased 7.8% in August after climbing 8.8% in July and surging 14% in June. Palladium dropped 17% last year. The DG spot price is currently up $5.70 an ounce to $1141.50.

Spot platinum retreated 4.4% Thursday to $1,376.30 an ounce, though it’s up 0.5% this week. It rose 5.9% last month after dropping 3.9% in July and climbing 27% in June. Platinum lost 8.4% in 2024.  The current DG spot price is up $27.20 an ounce to $1398.80.

Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.