Alexandra Symeonidi: «Gold Shines But Platinum Leads»
Despite gold’s dominance in headlines, platinum remains the standout performer of 2025, says Alexandra Symeonidi.
Gold’s surge has been fueled by powerful tailwinds – from investors piling into ETFs to central banks quietly rebuilding their reserves.
«Investor and central bank demand remained resilient despite higher costs to accumulate gold,» explains Alexandra Symeonidi, corporate credit analyst on William Blair’s emerging markets debt team. ETF inflows have been particularly robust, mirroring the price momentum and reinforcing the metal’s upward trajectory.
Central banks, after a brief pause in July, returned to the market in August with roughly 15 tons of net purchases. While below previous monthly averages, Symeonidi believes this new wave of buying reflects a more structural, long-term shift rather than short-term opportunism.
Political Turbulence Adds Fuel to the Fire
Beyond fundamentals, geopolitics has poured fresh energy into gold’s rally.
In Europe, France faces a deepening political crisis following the resignation of yet another prime minister and the specter of snap elections. In Asia, Japan’s election results have rattled confidence, sparking fiscal and monetary concerns.
Meanwhile, investors in the US are beginning to draw uncomfortable parallels between today’s soaring tech valuations and past asset bubbles.
With unease spreading across markets, many are increasing their exposure to gold – the timeless hedge against volatility.
Defying Dollar Strength
Remarkably, gold’s latest ascent comes even as the U.S. dollar has strengthened – a combination rarely seen. This resilience, Symeonidi notes, suggests the move was driven more by global risk flows than by US factors.
While the dollar’s gains appear tied to international capital moving into U.S. equities, gold has managed to hold and extend its position, showing just how deep investor conviction has become.
Precious Metals Shine – and Platinum Leads
Despite gold’s dominance in headlines, platinum remains the standout performer of 2025, with gains exceeding 80 percent year-to-date. Silver, too, has staged a historic comeback, crossing the $50 mark for the first time in decades.
Together, the metals are signaling a broader reallocation across commodities – as investors hedge inflation, diversify portfolios, and seek tangible stores of value in a world that looks increasingly unstable.
