Metals: Gold and Silver Testing Recent Lows Ira Epstein discusses the current state of the metal markets, highlighting significant declines, particularly in silver, while noting that platinum remains relatively stable. Ira Epstein Fri, 07/17/2026 - 07:29

#html-body [data-pb-style=OSCAIS7]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} China Gold Buying Surges While India's Silver Market Tightens at $80 for Silver Gold and silver ended the week lower as renewed reports of a breakdown in the U.S.-Iran ceasefire weighed on investor sentiment. Silver spot price closed at $59.89 per ounce, gold settled at $4,120 per ounce, and the gold-to-silver ratio finished the week at 68:1. China's appetite for physical gold continues to strengthen during the recent price correction. The country has imported nearly 700 metric tons of gold through May 2026, while the People's Bank of China reported its 20th consecutive month of official gold purchases, highlighting ongoing sovereign demand. Chinese investors are increasingly favoring gold as a long-term store of value. Assets held in Chinese gold ETFs have reportedly expanded from roughly $4 billion to $40 billion in less than three years, reflecting growing domestic investment demand despite recent market volatility. The divergence between Eastern and Western precious metals markets remains pronounced. Chinese silver continues trading at premiums exceeding 10% above Western benchmarks, while Western silver ETF liquidations have supplied additional metal to COMEX and London inventories. Several veteran commodity analysts remain constructive on the long-term outlook for precious metals. Historical commodity supercycles, along with momentum studies discussed during the week, were cited as supporting the possibility of substantially higher gold and silver prices over the coming years. Structural fundamentals for silver remain supportive. According to the Silver Institute's World Silver Survey, 2026 is expected to mark the sixth consecutive annual silver market deficit, with industrial demand from solar energy, electric vehicles, artificial intelligence, data centers, and electronics continuing to outpace mine supply. India's silver market is experiencing one of its tightest supply environments in years. Import restrictions, higher duties, and limited fresh imports have pushed local silver premiums to approximately $6 per ounce, resulting in Indian buyers paying close to $80 per oz for silver. Industry analysts note that India's current premium reflects a supply bottleneck rather than unusually strong seasonal demand. With festival and wedding season approaching later this year, market participants are closely watching whether imports resume before physical demand accelerates. Global mining reserve data continues to reinforce long-term supply dynamics. Australia and Russia remain among the world's largest gold reserve holders, while Peru, Russia, Australia, China, and Poland are positioned as leading silver-producing nations for years to come. Despite short-term price weakness, the broader story remains centered on persistent physical demand in Asia, ongoing central bank gold accumulation, and structural silver supply deficits. Those longer-term trends continue to provide an important backdrop for precious metals investors beyond this week's geopolitical headlines. Renewed Middle East tensions pressured gold and silver this week, but surging Chinese gold demand, India's $80 silver market, and ongoing global supply deficits continue to reinforce the long-term precious metals outlook. Last week's Gold and Silver Market Update The precious metals market came under pressure this week with another reported collapse of the US-Iran ceasefire. The spot silver price closed at $59.89 oz bid. The spot gold price closed the week at $4,120 oz bid. The spot gold silver ratio closed the week at 68. India +$80 oz Silver Bullion, China Leads Again in Gold Price Dip Buying China's gold buying is again hitting levels not seen for years as investors there take advantage of recent price weakness in gold, silver, and other precious metals. China has now imported nearly 700 metric tons of gold through May of this year 2026, with import figures ramping higher on gold's recent price selloff. These are China's monthly gold and silver price charts respectively over the last two decades. It is common to see them increase their bullion buying imports after large local spot price selloffs.  So this recent data is no surprise. Even their stock and ETF market's now largest single ETF is a gold ETF recently surpassing a once leading local Chinese equity fund. One look at the over 20 Gold ETFs in China and you can see the near 10 fold move in terms of notional value held within unsecured gold ETFs in China over only the last 2.5 to 3 years of time past. Basically from $4 billion to $40 billion in gold ETFs since late 2023. For the 20th month in a row the central bank of China the PBOC also admitted that it added nearly 15 tons of gold in May 2026 alone. Also the highest monthly Official Gold Reserve ton addition since about 3 years ago. A look over at the US debt held by China and we also see them a recent net seller. Rhyming with much of the world moving from US debt to Gold Bullion instead in their respective Sovereign Reserves.  On the silver side in China we continue to see high premiums of over 10% being spent to acquire silver locally versus Western world silver price benchmarks. The local SGE and SHFE exchanges with just under 60 million oz between the two combined. Large unsecured Silver ETF selling in the Western world over the last 100 days is illustrated here in this chart provided by Tavi Costa. Most of the silver added to both the COMEX registered and London float figures of late is silver coming from recent ETF sellers. On the other side of the break we'll dig further into the silver supply picture not merely worldwide but also focus in on India of late. Bringing back the points made by Micheal Oliver's Momentum Structure Analysis firm at the start of this month, that historical gold bull market have 8X moves in spot price.  If we define the current secular gold bull as having started at the $1050 oz gold price low in 2015, then further years of good upside should rhyme in time. Former Goldman Sachs head of commodities Jeff Curry was out making similar points this week publicly. Visual Capitalist has an interesting graphic this week showing proven gold, silver, and platinum ore reserves in the grounds amongst respective nations. Australia and Russia poised to lead in gold in the decades to come. Peru, Russia, Australia, China, and Poland seem poised to lead in silver mining. And of course South Africa still stands to dominate platinum group metal mining with Russia bringing up the secondary position for the foreseeable future. In terms of the world silver market's underlying supply demand fundamentals, half the record price has not really changed the eastern vs western world price discovery discrepancies ongoing. India's recent policy of jacking Indian gold and silver import duties up from 6 to +15% have had dramatic effects on the local silver market as inventories have dried up to basically secondary supplies only priced at high premiums locally versus western world benchmarks. When you add both the local import tax of +15% and a reported additional $6 oz in local silver bullion market premium basically Indians are paying $80 oz for silver bullion currently. Here is a longer historical view for how high this is on a relative basis looking back through Indian silver premium price data over the past decade and a half. Just over a week ago Harshal Barot an Indian bullion market analyst from Metals Focus was on with CNBC TV-18's Manisha Gupta to break down in further details what is happening currently over in the Indian silver market with near record high premiums currently. The annual silver spot price in India rupee on the left currently consolidating about 3 fold higher than its 2011 price regime high, and the annual silver price in the USA with the fiat US dollar on the right barely now above it's seemingly ancient 1980 and 2011 highs, and price about 10 dollars per ounce below its 200 day moving average this weekend.   Sources: Silver Faces Both Demand and Supply Uncertainty | Presented by CME Group https://youtu.be/jroTm6_Z6SU?si=KP5TOmckqOzpRQwo Silver Holds Above $60/Oz | India Fresh Silver Imports Very Low: Metals Focus | CNBC TV18 https://youtu.be/rqXsQg4aMQY?si=K29aj7WcUU6wDx8H India silver import curbs create shortages, push premiums to 6-month high https://www.reuters.com/world/china/india-silver-import-curbs-create-shortages-push-premiums-six-month-high-2026-07-08 Gold: The Apex Predator Returns | Grant Williams https://www.youtube.com/watch?v=uxh5PIqHr7k

#html-body [data-pb-style=IX1XKH5]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} The Gold-Silver Ratio matters in 2026 because it serves as a reliable metric to identify whether physical gold or physical silver is relatively undervalued. Many precious metals investors rely on the ratio to time purchases, rebalance holdings, and compare opportunities between gold and silver in response to current market conditions. Key Takeaway: The Gold-Silver Ratio measures how many ounces of silver are required to buy one ounce of gold and helps investors compare the relative value of both metals. Historically, ratios above 80:1 have often suggested silver is undervalued, while ratios below 50:1 have often indicated gold is undervalued relative to silver. Precious metals investors use the ratio to rebalance holdings, accumulating silver at high ratios and shifting back into gold when the ratio contracts. In 2026, silver supply deficits, strong industrial demand, and tightening inventories have increased investor focus on the Gold-Silver Ratio as a valuation and portfolio management tool. Jump to: What is a High Gold-Silver Ratio? | When to Trade for Profit? | What is a Normal Ratio? | What Causes Rise and Fall? | Why Silver Moves More? | Which Asset Wins in 2026? | Silver Outlook in 2026 | FAQs What is a High Gold-Silver Ratio and What Does It Mean? A high gold-silver ratio means it takes more ounces of silver to buy one ounce of gold, suggesting silver may be undervalued relative to gold. For example, if the ratio is 100:1, it takes 100 ounces of silver to buy 1 ounce of gold, whereas a lower ratio, such as 50:1, suggests gold may be undervalued relative to silver. Historically, ratios above 80:1 have often suggested silver is undervalued relative to gold, while ratios below 50:1 have often suggested gold is undervalued relative to silver. Investors can check the Gold-to-Silver ratio live on the SD Bullion chart or calculate it. The math to it is dividing the spot price of gold by the current price of silver. When the ratio reaches historic highs, many investors turn to lower-premium 1 oz silver rounds or bars rather than gold, tracking pricing through SD Bullion's spot price charts along the way. When to Trade the Gold-Silver Ratio for Profit When the ratio reaches historically high levels, such as 80:1 or higher, some investors view silver as undervalued relative to gold and choose to accumulate silver instead. If the ratio later contracts to 60:1, 50:1, or lower, they may exchange their silver holdings back into gold. For example, at an 80:1 ratio, an investor could exchange 1 ounce of gold for 80 ounces of silver. If the ratio later contracts to 50:1, those same 80 ounces of silver would be equivalent to 1.6 ounces of gold. In theory, the investor increases their gold holdings by 60% without adding new capital, simply by taking advantage of a change in the Gold-Silver Ratio. Many precious metals investors use a simple framework: ratios above 80:1 often favor accumulating silver, ratios near 60:1 may favor accumulating gold, and ratios in between are often viewed as neutral. During these middle ranges, investors frequently focus less on the ratio itself and more on factors such as product premiums, liquidity, recognizability, and overall product quality. To follow how the ratio is shifting day to day, investors can pull up SD Bullion's gold and silver spot price charts, updated in real time with current bullion pricing. Historical Gold-Silver Ratio Averages For much of recorded history, the Gold-Silver Ratio remained remarkably stable. According to commonly cited numismatic history, ancient Egypt valued gold at roughly 2.5 times the price of silver, the Roman Republic fixed the ratio near 8:1, and Julius Caesar adjusted it to 11.5:1. The United States later adopted a verifiable 15:1 ratio under the Coinage Act of 1792, and throughout the 20th century, the ratio averaged approximately 47:1. Unlike the fixed ratios of the past, today's Gold-Silver Ratio is determined entirely by market forces, making it highly sensitive to changes in supply, demand, investor sentiment, and macroeconomic conditions. During the COVID-19 pandemic, the gold-silver ratio hit an all-time high of roughly 125:1 in March and April 2020. To put today's Gold-Silver Ratio into perspective, consider the following historical and recent market benchmarks: Event Ratio Coinage Act of 1792 15:1 COVID Panic (2020) 125:1 April 2025 Peak 107:1 December 2025 Below 55:1 What Is Driving the Gold-Silver Ratio in 2026?  According to the World Silver Survey 2026 published by The Silver Institute and Metals Focus, the main drivers of silver prices through 2026 were structural supply deficits and shrinking available inventories. Years of undersupply reduced market liquidity, while record investment demand through silver-backed funds, rising physical bullion demand, and strong industrial consumption further tightened the market. Combined with geopolitical uncertainty and shifting monetary policy expectations, these factors helped propel silver to multi-year highs and increased price volatility. Structural supply deficits, record investment demand, and strong industrial consumption helped drive silver's outperformance during parts of 2025. After peaking at 107:1 in April 2025, the Gold-Silver Ratio fell below 55:1 by December as strong physical demand and tightening inventories pushed silver prices higher relative to gold. Today, investors use the Gold-Silver Ratio not as a fixed monetary benchmark but as a valuation tool to identify periods when gold or silver may be relatively overvalued. Dealer platforms like SD Bullion give investors a real-time view of gold and silver pricing, making it easier to spot ratio shifts and weigh opportunities between the two metals as they happen. What Is a Normal Gold-Silver Ratio? Here's how the current ratio stacks up against those historical ranges, using SD Bullion's gold and silver spot price charts, refreshed throughout the trading day, as a reference point.  Ratio Common Interpretation Above 80:1 Silver may be undervalued 60:1-80:1 Moderately favors silver 50:1-60:1 Neutral range Below 50:1 Gold may be undervalued Below 40:1 Historically favors gold What Causes the Gold-Silver Ratio to Rise or Fall?  The Gold-Silver Ratio rises when gold outperforms silver and falls when silver outperforms gold. Economic uncertainty and recessions often increase demand for gold as a safe-haven asset, pushing the ratio higher. Strong industrial demand, manufacturing growth, and silver supply deficits can strengthen silver prices and drive the ratio lower. Why Silver Usually Moves More Than Gold? Silver is both a monetary metal and an industrial metal. Because the silver market is smaller than the gold market, changes in investor demand or industrial demand often produce larger percentage price movements. This higher volatility is one reason the Gold-Silver Ratio can change rapidly during bull and bear markets. Gold Coins vs. Silver Bars: Which Asset Wins in 2026? Gold coins provide unmatched global recognition and resale liquidity, while silver bars allow investors to acquire more ounces of precious metal per dollar invested, thanks to their lower premiums over spot. Feature Sovereign Gold Coins (e.g., 2026 1 oz American Gold Eagle) Silver Bars (e.g., 10 oz Silver Bars) Liquidity Maximum liquidity due to government backing, global recognition, and strong dealer buyback markets High liquidity, though generally lower than leading sovereign bullion coins Premiums Typically carry higher premiums over the gold spot price Usually trade at lower premiums over the silver spot price Cost Efficiency Investors pay more for recognizability and ease of resale Investors acquire more ounces of silver per dollar invested Best Use Case Long-term wealth preservation and maximum resale recognition Accumulating silver ounces at the lowest possible cost Before choosing between sovereign gold coins and investment-grade silver bars, it's worth checking current premiums, liquidity, and cost per ounce side by side — SD Bullion's pricing tools make that comparison straightforward. What Is the Outlook for Silver in 2026? The outlook for silver in 2026 remains supported by ongoing supply deficits, tightening inventories, strong industrial demand, and continued investor interest. These factors have increased expectations of higher volatility and potentially larger price moves than in previous years. According to the World Silver Survey 2026 published by The Silver Institute and Metals Focus, the silver market recorded a fifth consecutive annual deficit of 40.3 million ounces. The report also noted tighter inventories and a surge in investor demand, with coin and bar purchases rising 14% and silver averaging more than $40 per ounce, up 42% from 2024. With five consecutive years of market deficits and inventories under pressure, the silver market appears to be entering an era of tighter supply, thinner liquidity, and potentially larger price moves. Silver has been considered a precious metal for more than 6,000 years. Long before modern financial markets existed, it was used as currency, a store of value, and a medium of exchange across ancient and modern civilizations, establishing its role as one of history's most important monetary metals alongside gold. The question for investors is not whether gold or silver has a role in a portfolio, but which form of ownership offers the best balance of liquidity, cost efficiency, and flexibility in today's market. Watching how silver premiums and bullion inventory shift over time, through resources like SD Bullion's spot price charts, can help investors gauge how current market conditions are affecting the metal. FAQs What is the gold-silver ratio, and how is it calculated? The Gold-Silver Ratio measures how many ounces of silver are required to buy one ounce of gold. It is calculated by dividing the current gold price by the current silver price. For example, if gold trades at $4,000 and silver at $50, the ratio is 80:1. Why does a high gold-silver ratio suggest silver might be undervalued? A high ratio means silver is relatively cheap compared to gold. Historically, some investors view elevated ratios as a sign that silver may have more upside potential, especially if the ratio later falls toward long-term averages. What does the current gold-to-silver price relationship indicate? The current ratio reflects how the market values gold relative to silver, based on economic conditions, industrial demand, investor sentiment, and precious-metals fundamentals. A rising ratio favors gold's relative performance, while a falling ratio indicates silver is outperforming. How do silver stackers use the gold-silver ratio to time purchases? Many silver stackers buy more silver when the silver-to-gold ratio is at a historically high level because silver is relatively inexpensive compared to gold. When the ratio falls, they may shift purchases toward gold or exchange some silver holdings for gold. What is a gold-silver ratio trading strategy for beginner investors? A common strategy is to accumulate silver when the ratio is unusually high and consider swapping silver for gold when the ratio falls significantly. The goal is to increase total metal holdings over time without adding new capital. How can investors use the gold-silver ratio for portfolio rebalancing? Investors may use the ratio to adjust their allocation between gold and silver. High ratios can signal an opportunity to increase silver exposure, while low ratios may favor shifting part of a portfolio back into gold. How does industrial silver demand affect the gold-silver ratio? Unlike gold, silver has substantial industrial uses in electronics, solar panels, medical applications, and manufacturing. Strong industrial demand can boost silver prices relative to gold, causing the Gold-Silver Ratio to decline. Is there a correlation between the gold-silver ratio and inflation? There is no direct correlation. Both metals often benefit from inflation concerns, but the ratio is primarily influenced by the relative performance of gold and silver rather than inflation itself. Industrial demand and investor sentiment also play major roles. Does the gold-silver ratio predict economic recessions? No. The ratio is not a reliable recession indicator. However, it often rises during periods of economic uncertainty because investors tend to favor gold's safe-haven characteristics over silver's more economically sensitive demand profile. How does the gold-silver ratio compare to the gold-platinum ratio? The Gold-Silver Ratio compares two monetary metals with long investment histories. The Gold-Platinum Ratio compares gold with a primarily industrial metal whose price is more heavily influenced by demand from the automotive, chemical, and manufacturing sectors. Track the Gold-Silver Ratio in real time and compare current gold and silver premiums using SD Bullion's live spot price charts before your next purchase.

#html-body [data-pb-style=DTWU274]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Ned Naylor-Leyland on Gold & Silver's Next Move & Gold Silver Rise Into the 4th of July Gold and silver finished the week on firmer footing despite ongoing volatility. A weaker-than-expected U.S. jobs report and a softer U.S. dollar helped lift precious metals into the weekend, with spot gold closing near $4,175 per ounce, silver spot price at $62.42 per ounce, and the gold-to-silver ratio ending around 67:1. Physical bullion buyers continue stepping in on price weakness. Recent SD Bullion sales data suggests many precious metals investors are using the pullback to accumulate additional ounces through dollar-cost averaging rather than attempting to perfectly time the market bottom. Long-term charts continue to favor the broader bull market. Historical quarterly price charts for gold and silver suggest that, despite recent corrections, both metals remain in what many analysts view as a long-term "stair-step" advance rather than the end of the current secular bull market. Silver's breakout remains intact despite recent selling. After breaking free from nearly five decades of price containment last year, silver has retraced sharply, but the broader technical picture still points toward a market that remains fundamentally different from the range-bound environment of previous decades. Global monetary expansion continues to underpin the precious metals thesis. Fiat currency supplies continue expanding worldwide while gold's share of global monetary assets remains historically low. Some analysts argue substantially higher gold prices would be required simply to restore previous monetary coverage ratios. The physical silver market has cooled, but supply remains tight. Roughly 80 million ounces have exited silver ETFs since January's peak, easing record-high London lease rates. At the same time, India's higher import duties have slowed demand, while China continues accumulating silver at premium prices and warehouse inventories continue growing. Historic market volatility may offer perspective for today's investors. The report compares today's correction with the 2008 financial crisis, when silver plunged from roughly $21 to below $9 before rallying more than fivefold in the years that followed, illustrating how severe pullbacks have historically occurred within larger bull markets. Seasonality may become a tailwind in the months ahead. Long-term historical averages show that gold and silver have often generated stronger performance during the second half of the calendar year, although seasonal trends never guarantee future price action. Ned Naylor-Leyland says derivatives—not central banks—have driven recent price swings. The Jupiter Gold & Silver Fund manager argues that leveraged futures trading, trend-following funds, and CTA positioning have been the primary drivers of both the powerful rally and subsequent correction, with long-only investment capital still largely absent from the sector. Silver stackers remain focused on the long-term supply-demand story. While short-term price swings continue to be driven by leveraged financial markets, the longer-term investment case still centers on persistent industrial demand from technology, defense, and green energy alongside constrained mine supply—factors many physical bullion investors believe will continue supporting silver over time. A weaker U.S. dollar and soft jobs data lifted gold and silver into the July 4 holiday, while tightening physical silver supplies, China's continued buying, and Ned Naylor-Leyland's market insights reinforce the long-term bullish case for precious metals. Gold and Silver Market Update for Last Week The precious metals market rose to close the week with a weak US jobs report and relative USD. The spot silver price closed at $62.42 oz bid. The spot gold price closed the week at $4,175 oz bid. The spot gold silver ratio closed the week at 67. I can see through SD Bullion company sales data that many of you all out there have increased your buying on recent price weakness in the precious metals. I'm not sure if the bottom is in, or if we have another bought of weakness to come. This is why buying in iterations on rolling price weakness makes sense. Gold Silver Rise Into the 4th of July We being with a historical quarterly price chart with data older than the nation itself. This is the US dollar Gold price updated through last month June 2026.  Even with recent dramatic price selloffs in precious metals, silver and gold have begun another era of price stair stepping in time. For all my fellow long term platinum bulls out there, here is an updated quarterly platinum price chart going all the way back to the industrial revolution of the late 1800s, when we finally began figuring out exclusive applications that only platinum now fulfills in our modern world. Platinum is still historically cheap versus gold costing 2.5 oz of platinum to buy 1 oz of gold at the moment. For about half of the 20th Century 1 to 1 parity was the norm. This is the US dollar Silver price updated through last month June 2026. After late last year's break out from nearly a half century of price containment, the idea that silver's bull has come and is now gone is simply silver illiteracy. The collective world is still rapidly expanding our collective fiat currency supplies (the blue line here headed to $150 trillion, that's not counting all of it btw), and physical gold values around the world depicted by the red line have barely begun the phenomenal trend to again account for this fact. To return toward a 40% coverage as we saw in 1980, gold needs to be priced closer to $10k oz w/o anymore currency creation and you know the latter is unlikely to stop expanding the fiat currency supplies. President Trump posted late on July 3rd that his signature is now on the $100 bill. What an achievement. Michael Oliver's Momentum Structure Analysis published similar long term trend charts for gold on the top, silver on the bottom. And while their short term bullishness in silver proved to be a bit hasty on timeline, their long term points made here remain standing. The combination of some 80 million oz of silver pulled from unsecured silver ETFs since the late January 2026 peak, helped lower record high London silver lease rates illustrating tightness due to the physical silver squeeze phenomenon late last year.  The combination of silver sucked out of ETFs since the price sell off, and the recent quelling of Indian demand with substantially higher silver duties and import taxes has calmed the recent record tight silver market at least for now. China continues buying silver at premium. Their combined SGE and SHFE warehouses nearing 60 million oz combined. In the grand scheme of reported world 1000 oz silver bars held in silver ETFs and in private futures exchange warehouse like the COMEX, their silver inventory numbers remain dwarfed. Gold and silver still have a lot of work to do in the coming years relative to all the fiat currency supplies and relative asset bubbles to achieve real gains relatively further to come.  It will be in the levered derivative markets where most of the heaviest price appreciation lifting will take place (more on that in the second half of this week's update). The ongoing silver price data outside COMEX hours has again ballooned to now near $400 oz which I maintain is the moving price target for the world silver market return back to supply demand balance or equilibrium.  This is the same data but in a logarithmic chart also starting in 1970 at $1.925 oz silver through yesterday. This will become the 5th time the red silver spot price line returns to touch the blue line, it may take years in the future yet. But judging by silver late last year into the start of this year, that upward moving process I believe has begun. After this break, we'll put this first half price selloff into historic seasonality and price movement context with silver and gold nearing now seemingly close to their respective bottoms. Tavi Costa published this chart and it reminded me of when I first cut my teeth in this bullion industry. Some of my best bullion buys came out of that spot price panic.  For those of you around and buying gold and silver bullion in price volatile 2008 market, you'll recall how crazy that full year was not merely for gold but especially silver. Spot gold from a then record nominal price high over $1000 oz to below $700 oz only to then be QE'd more than 2.5 fold in price within a few years that followed. Anyone buying bullion at the time did fine. Silver was of course crazier, the manic depresso precious metal went from $21 to below $9 that year. Then more than a 5 folding in price only a few years that followed. I was there for both, and I am telling you our future will rhyme in time. This chart made the rounds this week on twitter X, basically the seasonality average of gold and silver over the last 20 years. The second half due to seasonality is often best for the two precious metals. You can see 50, 20, 10, and 5 yr price averages for Gold versus this year's craziness already. Of course the Silver version of this data is more volatile and dramatic both up and down. To close off this week, I want to give you a few highlights of a recent interview of Ned Naylor Leyland. Manager of $3bn Jupiter Gold & Silver Fund. The full link to the interview is in the show notes, but I will hit on the highlights of his most salient points.   Source: Being Short Your Government: The Real Case for Gold & Silver with Ned Naylor-Leyland https://youtu.be/8xWhfSGrO50?si=O2lbrVmyOuIvRotI

When Will the Bleeding Stop in the Precious Metals Market? From a technical standpoint, both metals are approaching significant support zones after a rapid correction. MoneyMetals Tue, 06/30/2026 - 09:30

Signs of Divergence in the Platinum and Palladium Markets Metals Focus summarized the divergence between the two metals, asserting, “In effect, platinum investment has lost some momentum, while palladium has lost more conviction.” Mike Maharrey Tue, 06/30/2026 - 09:00

#html-body [data-pb-style=WLFYSDD]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} The best platinum bullion to buy in 2026 includes 1 oz. 9995 fine platinum coins, such as the American Platinum Eagle and Canadian Platinum Maple Leaf. These sovereign coins are prized for their liquidity and recognition. Top platinum bars include the 1 oz Valcambi, Credit Suisse, and Argor-Heraeus, which are favored for their low premiums and high purity.  Key Takeaways: The best platinum bullion products for 2026 combine .9995 purity, strong liquidity, and market recognition, with the American Platinum Eagle and the 1oz Valcambi Platinum Bar among the top choices.  Platinum is often viewed as undervalued because it is rarer than gold, yet it frequently trades at a lower price than gold does. Industrial demand is a major driver of platinum consumption, particularly in automotive catalytic converters and electronics.  Platinum supply remains constrained by declining mine output, limited new mining projects, and South Africa's dominance in global production, leaving the market vulnerable to disruptions. Investors can choose between platinum coins and bars based on their goals: coins generally offer greater liquidity and recognition, while bars typically provide lower premiums and more platinum per dollar invested. Jump to: Why Is Platinum? | Platinum Coins vs. Platinum Bars | American Platinum Eagle | Best Platinum Bars by Size | Platinum vs. Gold vs. Silver | Platinum Industrial Demand | IRA-Eligible Platinum Products | Where to Buy Platinum Online? | How to Store Platinum? | FAQs Why Is Platinum an Undervalued Precious Metal? Platinum is often considered undervalued because it trades at a lower price than many investors believe its fundamentals justify. Although it is rarer than gold, has significant industrial demand, and faces persistent supply constraints, platinum has frequently sold for less than gold. As a result, some investors see platinum as a precious metal with the potential for price appreciation if the market begins to better reflect its scarcity and utility. Understanding Platinum Value Platinum is considered a noble metal because it doesn't corrode, even in high temperatures, and it is extremely rare. Its stability makes it suitable for technology applications, and its resistance to time makes it perfect for jewelry. For investors, this combination of rarity, industrial utility, and historically lower valuations is one reason platinum is often viewed as an overlooked precious metal.  Platinum vs. Gold Historical Price Ratio The gold-platinum ratio measures how many ounces of platinum equal the value of one ounce of gold.  The divergence between gold and platinum has become particularly pronounced in recent decades. As of mid-2026, gold trades at approximately $4,169.62 per ounce, while platinum trades near $1,684.30 per ounce.  Historically, platinum often commanded a premium over gold, making the current pricing relationship one reason some investors view platinum as relatively undervalued.  Industrial Demand Driving Platinum Value Industrial demand is one of the primary drivers of platinum consumption. According to the World Platinum Investment Council, automotive applications accounted for 36-44% of platinum demand over the last five years, followed by industrial uses (23-35%), jewelry (24-30%), and investment demand (-8% to 14%). Platinum is widely used in catalytic converters, chemical production, electronics, medical equipment, and hydrogen fuel cell technology due to its exceptional catalytic efficiency, durability, and corrosion resistance. Because much of the demand comes from industry, changes in manufacturing activity can significantly impact platinum prices. At the same time, platinum supply is highly concentrated. South Africa accounts for more than 70% of global mine production, meaning that even regional issues, such as difficulties in South African mining operations, can already have an outsized effect on the global platinum market.  This concentration leaves the platinum market especially vulnerable to supply constraints, as a significant portion of global production depends on a relatively small geographic area.  Platinum Supply Constraints According to the World Platinum Investment Council, platinum supply has been declining since 2023 and is expected to remain under pressure through 2030. One reason is that mine production has struggled to grow despite higher prices.  New platinum mining projects are rare, expensive, and often require years of development, limiting the industry's ability to quickly increase output. Tight market conditions have also been reinforced by changes in how industrial users access platinum.  As leasing costs rose sharply in 2025, some end users shifted from borrowing metal to purchasing and owning it outright.  While this did not significantly increase total demand, it reduced the amount of platinum available in the leasing market, further tightening supply and contributing to the price increases seen since 2025. Platinum Coins vs. Platinum Bars: Which Is Better? Liquidity of Platinum Coins vs Platinum Bars Platinum coins are generally more liquid than platinum bars because they are issued in intrinsic designs by recognized sovereign mints, have higher collective appeal, and are more familiar to retail buyers.  Popular coins such as the American Platinum Eagle 1oz and Canadian Platinum Maple Leaf 1oz are widely recognized, making them easier to authenticate and trade.  Their broad market acceptance can also help investors receive more competitive buyback offers when it comes time to sell. Many investors choose to sell through major bullion dealers such as SD Bullion, whose buyback program provides a straightforward resale option for eligible platinum products.  Lower Premiums on Platinum Bars vs Platinum Coins Platinum bars generally carry lower premiums than platinum coins because their production costs (compared to coins) are lower, so they are valued primarily for their metal content rather than their design, collectibility, or legal-tender status.  As a result, investors can often acquire more platinum ounces for the same amount of money when purchasing bars. Larger platinum bars may offer even lower premiums per ounce, making them a popular choice for cost-conscious, long-term investors.  Which to Choose Based on Your Goals? Coins are a primary choice for investors seeking easy trading and collectible value, while bars generally offer lower prices per ounce and are preferred by those focused on long-term wealth preservation. Investors can compare current premiums on the American Platinum Eagle and top platinum bars side by side at SD Bullion, where live pricing is updated in real time against the spot price of platinum.  American Platinum Eagle: The Top Platinum Coin The American Platinum Eagle is widely regarded as one of the most recognized platinum bullion coins in the world.  Produced by the United States Mint, it combines government backing, .9995 fine platinum purity, strong liquidity, and IRA eligibility, making it a popular choice among both investors and collectors.  Platinum Eagle Specs & Design History 1 oz Platinum American Eagle - Random Year The platinum eagles were minted from 1997 through 2008, then in 2014, and again in 2016, and have been minted to the present.  The obverse of the coin features John Mercanti's depiction of the Statue of Liberty, one of the most recognizable symbols of the United States, with the inscriptions “LIBERTY,” the year, and the traditional motto “IN GOD WE TRUST”.  The reverse depicts a bald eagle, representing national strength and freedom. The inscriptions read “UNITED STATES OF AMERICA,” the purity “.9995 PLATINUM”, the weight “1OZ.” It also holds a face value of USD 100 and legal tender status. These patriotic motifs are a recurring theme across the American Eagle bullion programs, helping make the series instantly recognizable to investors and collectors worldwide.  2026 American Platinum Eagle Premium With platinum trading around $1,800 per ounce in June 2026 and American Platinum Eagles selling for approximately $1,900, investors are paying a premium of roughly 5.6% above the underlying metal value. For a sovereign bullion coin, this represents a relatively modest premium. The Premium reflects the costs of minting, distribution, and dealer operations, as well as the coin's government backing and strong market recognition.  While platinum bars often carry lower premiums, many investors are willing to pay slightly more for Platinum Eagles because of their liquidity, IRA eligibility, and widespread acceptance in the precious metals market. Is the Platinum Eagle IRA-Eligible? The American Platinum Eagle is IRA-eligible because it meets the IRS requirements for precious metals held in retirement accounts. Each coin contains .9995 fine platinum, is produced by the United States Mint, qualifying it as a government-issued bullion coin recognized under IRS guidelines.  These characteristics allow it to be held in a self-directed Precious Metals IRA when stored through an approved custodian and depository. Other IRA-approved platinum coins include the Canadian Platinum Maple Leaf, Australian Platinum Kangaroo, and British Platinum Britannia.  Investors can compare current American Platinum Eagle premiums against the live platinum spot price at SD Bullion and explore other eligible platinum products for retirement investing. Check other platinum IRA-approved products here.  Best Platinum Bars by Size 1 oz Platinum Bars Top Picks The best picks for platinum bars are the 1 oz Valcambi Platinum Bar, the Credit Suisse Platinum Bar, the 1 oz Argor-Heraeus Platinum Bar, and the 1 oz Johnson Matthey Platinum Bar. These are among the most respected names in the bullion industry and are often preferred by investors who prioritize liquidity, recognition, and ease of resale.  Compared to larger 10 oz and kilo platinum bars, 1 oz bars require a lower upfront investment and offer greater flexibility when it comes time to sell. The 1 oz size is also the most widely traded platinum bar format, making it a practical choice for first-time platinum buyers and long-term investors alike. 1 oz Valcambi Platinum Bar - In Assay 10 oz Platinum Bars Best Value The average price for 10-ounce platinum bars of .9995 fineness is around $18,500 as of mid 2026.  The secondary-market 10 oz Credit Suisse Platinum Bar is one of the best 10 oz platinum bars available, combining a respected global brand with the potential for lower premiums than newly minted alternatives.    Compared to 1 oz platinum bars, 10 oz bars typically carry lower premiums per ounce, allowing investors to acquire more platinum for the same amount of money. While they require a larger upfront investment and offer less flexibility when selling, they can provide a more cost-efficient way to accumulate platinum. For investors focused primarily on maximizing metal ownership rather than transaction flexibility, the 10 oz format often represents an attractive balance between liquidity, affordability, and premium efficiency. Kilo Platinum Bars For Serious Investors Kilo Bars are at around $60,000 with 9995 fineness as of mid 2026. The 1 kg Valcambi Platinum Bar stands out as the best kilo platinum bar for investors seeking maximum platinum exposure, strong market recognition, and lower per-ounce costs than both 1 oz and 10 oz platinum bars.  As a result, they are generally favored by high-net-worth investors and those managing substantial precious metals portfolios. However, their higher purchase price and larger size can make them less liquid than smaller bars. Investors seeking maximum premium efficiency may find kilo bars attractive, while those prioritizing flexibility often prefer 1 oz or 10 oz formats. Secondary-market kilo bars may offer additional savings through lower premiums than newly minted products. Platinum vs. Gold vs. Silver: Which Should You Buy? Risk-Return Profile of Each Metal Gold is generally viewed as the most stable precious metal because its value is driven largely by investment demand, central bank purchases, and its long history as a store of wealth. A more conservative investor often chooses gold when prioritizing stability. Silver tends to be more volatile than gold because it combines investment demand with significant industrial use in sectors such as electronics and solar energy. Usually the first choice for beginners, silver’s lower cost per ounce allows gradual accumulation with less capital.  Now, Platinum occupies a middle ground between gold and silver, with prices influenced by both industrial demand and supply constraints, particularly because production is concentrated in a small number of mining regions. Investors with a diversifying approach use multiple precious metals to spread risk across different demand drivers.  Which Metal Should You Buy First? Gold is often considered the best precious metal to buy first, rather than silver or platinum, because it offers the greatest stability, liquidity, and recognition.  Silver may be more suitable for investors seeking affordability, while platinum may appeal to those seeking exposure to industrial demand and supply-driven price movements.  The right choice ultimately depends on an investor's goals and risk tolerance.  How to Allocate Across Metals in Your Portfolio? Once you have established a budget for precious metals, a 75% Gold, 20% Silver, and 5% Platinum allocation can serve as a conservative starting framework.  Gold provides stability and wealth preservation, silver adds growth potential through industrial demand, and platinum offers additional diversification through its exposure to supply constraints and specialized industrial applications. Investor Goal Product Best Overall 1oz American Platinum Eagle Lowest Premium 1 oz Platinum Bar IRA Investing 1oz Platinum Eagle or 1oz Valcambi Bar Easy Trading 1oz American Platinum Eagle Large Investment 10 oz or Kilo Platinum Bar Industrial Demand for Platinum: Why Does It Matter? Industrial demand matters because it represents one of the largest sources of platinum consumption worldwide. Unlike gold, whose value is driven primarily by investment demand, platinum relies heavily on industrial applications, making manufacturing activity, technological adoption, and automotive production important drivers of platinum prices.  Platinum in Catalytic Converters Platinum plays a critical role in catalytic converters, where it helps transform harmful vehicle emissions into less toxic gases before they are released into the atmosphere. Without platinum-group metals, modern vehicles would produce significantly higher levels of air pollution.  Although electric vehicles continue to grow in popularity, gasoline and diesel-powered vehicles are expected to remain a meaningful part of the global transportation fleet for years to come.  As a result, platinum is likely to remain an essential component in reducing vehicle emissions and supporting cleaner air worldwide. Platinum in Hydrogen Fuel Cells According to the World Platinum Investment Council, in fuel cell electric vehicles (FCEVs), platinum helps convert hydrogen into electricity, with water as the only byproduct.  These vehicles produce zero emissions, can be refueled in about three minutes, and typically offer a driving range of around 600 km.  Demand for platinum in the automotive sector is expected to grow as FCEV adoption increases.  How Does Industrial Demand Affect Spot Price? Industrial demand is one of the primary drivers of platinum prices because a large share of global consumption is used in manufacturing applications.  As industrial demand grows or remains stable while mine supply struggles to increase, the platinum market can move into a deficit.  This dynamic has become increasingly important in recent years, as constrained supply and continued industrial consumption have contributed to tighter market conditions and upward pressure on platinum prices.  IRA-Eligible Platinum Products What Are the IRS Rules for Platinum IRAs? IRA-approved platinum must be at least .9995 fine platinum (99.95% pure). It also must be stored in the continuous custody of an IRS-approved trustee. It also must be produced by a national government mint or by a refiner, assayer, or manufacturer accredited by a recognized commodities exchange or bullion market association, such as COMEX or the London Bullion Market Association (LBMA).  Bars must carry a manufacturer's assay mark and meet exact weight standards. Proof coins must remain in their original mint packaging with a certificate of authenticity. Tampering, cleaning, or third-party re-assaying can disqualify a product from IRA eligibility, even if its purity remains above .9995.  Storage for platinum IRA: Platinum held in an IRA must be stored at an IRS-approved depository under the custody of the account trustee. Home storage and personal safe deposit boxes are not permitted.  And if you insist, your account might be disqualified, and become subject to the full value to tax and penalties. Approved Platinum Coins & Bars IRA-Eligible Platinum Coins Purity IRA-Eligible Platinum Bars & Rounds Purity American Platinum Eagle .9995 Credit Suisse Platinum Bars .9995 Australian Platinum Koala .9995 PAMP Suisse Platinum Bars .9995 Canadian Platinum Maple Leaf .9995 Valcambi Platinum Bars .9995 Isle of Man Noble .9995 Argor-Heraeus Platinum Bars .9995 American Platinum Eagle Proof .9995 Johnson Matthey Platinum Bars .9995     Engelhard Platinum Bars .9995     Approved Platinum Rounds* .9995+ Note: Most platinum rounds are not IRA-eligible.  SD Bullion carries the full range of IRS-approved platinum coins and bars listed above, with purity documentation and custodian-ready packaging available at the time of purchase. How to Set Up a Platinum IRA? Setting up a Platinum IRA typically involves four steps:  First, open a self-directed IRA with a qualified custodian that permits precious metals investments. Next, fund the account through a contribution, transfer, or rollover from an existing retirement account. Then, select IRS-approved platinum bullion products that meet the minimum .9995 purity requirement.  Finally, the metals are purchased and stored in an IRS-approved depository, where they remain under the custodian's supervision until they are sold or distributed.  Investors ready to fund a Platinum IRA can browse SD Bullion's full selection of IRA-eligible platinum products and filter by coin or bar to find the right fit for their retirement account. Where to Buy Platinum Bullion Online? Platinum bullion can be purchased from reputable online precious metals dealers, authorized distributors, and bullion exchanges.  The best dealers offer authentic products from recognized mints, transparent pricing tied to the live platinum spot price, insured shipping, and reliable buyback programs.  Comparing these factors before making a purchase can help investors find the best value and long-term liquidity for their platinum holdings.  What to Look For in a Platinum Dealer? When comparing platinum dealers, focus on product authenticity, pricing transparency, customer reviews, shipping policies, and buyback options. Dealers that display live platinum spot prices and clearly separate premiums from metal value make it easier to evaluate costs before purchasing.  How to Avoid Overpriced Platinum? The easiest way to avoid overpaying is to compare the product's premium to the current platinum spot price. Government-issued platinum coins typically carry higher premiums than platinum bars, while larger bars often offer a lower cost per ounce.  Why SD Bullion for Platinum? SD Bullion offers platinum coins and bars from recognized mints, live pricing based on the current platinum spot price, fully insured shipping, and a stable buyback program to simplify future resale. Investors can compare multiple platinum products in one place and lock in pricing at the time of purchase.  How to Store Platinum Bullion? Platinum bullion can be stored either at home or through a third-party storage provider, depending on your security needs and investment goals. Home storage offers immediate access and eliminates ongoing storage fees, but it typically requires a high-quality safe and appropriate insurance coverage.  Home Storage Best Practices When storing platinum bullion at home, keep it in a secure, dry environment and protect it from unnecessary handling to minimize scratches and surface wear.  Avoid discussing your holdings publicly, as limiting knowledge of your bullion ownership can improve security. Many investors also ensure that a trusted family member knows how to access their holdings in case of an emergency. Finally, review your intended insurance coverage carefully, as standard homeowners or contents insurance policies may not fully cover precious metals, making specialized bullion insurance worth considering. Vault Storage for Larger Holdings Third-party storage, such as a professional depository, provides enhanced security, insurance protection, and, in some cases, IRA eligibility for retirement accounts. Many investors choose home storage for smaller holdings and professional vault storage for larger platinum positions or long-term investments.  Do You Need Insurance for Precious Metals? Many homeowners' insurance policies cover only up to $250 for coins, bullion, and similar valuables, while total precious metals coverage may be limited to around $2,500. Although additional coverage may be available, it often requires a special rider or separate insurance policy.  FAQs: Best Platinum Bullion to Buy Is platinum a good investment in 2026? Many investors consider platinum a valuable addition to a diversified portfolio due to its rarity, industrial demand, and role as a tangible asset. Growing use in automotive, technology, and industrial applications may also support long-term demand.  Why is platinum cheaper than gold? Platinum is often cheaper than gold because its price is more closely tied to industrial demand, particularly from the automotive sector. Gold benefits from stronger investment and central bank demand, which can support higher prices.  What platinum products are IRA-eligible? Common IRA-eligible platinum products include the American Platinum Eagle, Canadian Platinum Maple Leaf, Australian Platinum Kangaroo, Platinum Britannia, and platinum bars from approved refiners such as PAMP Suisse and Valcambi Suisse. Products must generally meet the IRS minimum purity requirement of .9995.  Where is the best place to buy platinum? The best place to buy platinum is through a reputable bullion dealer offering transparent pricing, authentic products, and strong liquidity. SD Bullion is a popular choice because it offers recognized platinum coins and bars, live pricing, insured shipping, and a buyback program for future resale.

Technical Scoop: Thin MOU, Oversold Oil, Precious Bear All have fallen under the 200-day MA. All are in official bear markets. The intermediate (weekly) trend has turned down, a sign that one should be shifting out of the precious metals. David Chapman Mon, 06/29/2026 - 09:03

Technical Scoop: Thin MOU, Oversold Oil, Precious Bear All have fallen under the 200-day MA. All are in official bear markets. The intermediate (weekly) trend has turned down, a sign that one should be shifting out of the precious metals. David Chapman Mon, 06/29/2026 - 09:00

Washout Continues in All Metals Ira Epstein discusses the downturn in the metal markets, highlighting significant declines in gold, silver, copper, and platinum prices. Ira Epstein Thu, 06/25/2026 - 07:09

Markets Are Treating the Iran Conflict as a Shock, Not a Structural Change Despite short-term volatility, Merk said one encouraging sign is that long-term precious metals investors continue to exhibit a net buying bias. MoneyMetals Mon, 06/08/2026 - 09:24

Metals: Market Skeptical of Israel-Hezbollah Cease-Fire Ira Epstein notes that despite a temporary peace, the metal markets, particularly platinum, have been under pressure, with gold prices showing a bearish pattern. Ira Epstein Mon, 06/08/2026 - 07:22