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华尔街日报The Year Precious Metals Crushed Nvidia, Alphabet And Broadcom On The Charts
2025 will be remembered as one of the strangest—and most revealing—years in modern market history.
While investors obsessed over artificial intelligence, data centers, and chip shortages, a very different trade quietly took over the leaderboard.
Precious metals didn't just rally. They left some of the most celebrated AI stocks on Wall Street in the dust.
Gold, silver, and platinum are now posting gains that rival, or outright exceed, anything seen in Big Tech stocks.
A Once-In-A-Generation Metals Run
Gold is up roughly 70% year to date, marking its strongest annual performance since 1979.
Silver has surged an astonishing 147%, its best year since 1978. Platinum has jumped nearly 150%, a record.
For context, compare that to the market's most dominant tech names. Alphabet Inc. (NASDAQ:GOOGL) is up about 66% this year, Broadcom Inc. (NASDAQ:AVGO) has gained roughly 51%, and Nvidia Corp. (NASDAQ:NVDA) is higher by around 41%.
Those are excellent returns by any normal standard—but in 2025, they've been overshadowed by precious metals.
This Isn't Just A Gold Story Anymore
Gold led the rally early in the year, as it typically does during periods of uncertainty.
But the real shock came later.
Silver and platinum—far more volatile and far more industrial—began to explode higher as investors searched for what they viewed as "cheaper" exposure within the precious-metals complex.
Since Nov. 20, the divergence has become striking. Platinum has surged roughly 48%, silver has climbed about 39%, while gold has gained just under 10%. Leadership within the trade has clearly shifted.
According to macro analyst Otavio Costa, silver's move is not speculative excess—it's overdue recognition.
"Some may argue it's overextended, but I see it very differently," Costa said in a post on social media platform X.
"Silver is finally responding to long-ignored structural pressures that are now coming into focus."
In a world drowning in debt, he argues, betting against a supply-constrained monetary metal is a dangerous assumption.
The Debasement Trade Takes Center Stage
Economist Robin Brooks, senior fellow at the Brookings Institution, framed the move even more bluntly.
"The debasement trade is the single most important market phenomenon of 2025," he wrote in a post on X.
Since the Jackson Hole symposium on Aug. 22, silver has rallied roughly 90%, while gold is up about 35%.
Brooks points to a global search for safe havens as fiscal deficits balloon, geopolitical risks intensify, and confidence in long-term policy discipline erodes.
ETF Flows Are Pouring Fuel On The Fire
Money flows tell the same story.
According to Sumit Roy, analyst at ETF.com, nearly $93 billion has poured into precious metals ETFs globally in 2025. Roughly $82 billion of that has gone into gold funds, more than $10 billion into silver ETFs, while platinum ETFs have attracted under $200 million.
Investors in funds like SPDR Gold Shares (NYSE:GLD), iShares Silver Trust (NYSE:SLV), and Aberdeen Standard Platinum Shares ETF (NYSE:PPLT) have been among the year's biggest beneficiaries.
Rising prices and ETF inflows have reinforced each other, creating a powerful feedback loop—one that looks eerily familiar.
Echoes Of 2011 — With A Crucial Twist
The surge inevitably invites comparisons to 2011, when precious metals soared amid the global financial crisis, the eurozone debt scare, and the downgrade of U.S. government debt.
But this time, there is no single defining crisis.
Instead, prices appear to be reacting to a cocktail of pressures—ballooning government debt, persistent inflation, trade wars and military conflicts, and growing questions around central-bank independence.
The anxiety is structural, not episodic.
When Old Money Beats New Tech
The most striking takeaway from 2025 isn't just how high metals have climbed—it's what they've beaten.
In a year dominated by AI headlines and trillion-dollar tech valuations, investors quietly chose gold bars, silver ingots, and platinum contracts instead.
That rotation may say more about confidence in the financial system than any earnings call ever could.
For now, the scoreboard is unmistakable: In 2025, old money crushed new tech.
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