I concluded my Q1 Barchart report on the precious metals sector of the commodities market with the following:
Over the past years, buying gold on significant corrections has been optimal, and I expect that trend to continue over the coming months and years as gold’s bull market remains firmly intact. Silver is a more volatile and speculative commodity, which could lead to significant price variance. Platinum and palladium are far less liquid than gold and silver, but they remain in trading ranges around the $1,000 pivot point as the precious metals market heads into Q2 2025.
Platinum, the precious metal that spent years consolidating around a $1,000 per ounce pivot point, led the sector on the upside in Q2, with palladium posting a double-digit percentage gain. Gold reached a new high during the three-month period, and silver broke out to the upside. The only precious metal that declined was rhodium, but three of the four metals formed bullish key reversal formations on the quarterly chart in the quarter that ended on June 30.
Platinum was the leader of the precious metals and commodity asset class in Q2, posting a 32.12% gain and was 49.22% higher from the end of 2024 through June 30, 2025.
The quarterly chart illustrates that, after a ten-year consolidation around the $1,000 per ounce pivot point, platinum prices broke out to the upside in Q2, settling the quarter at $1,334 per ounce on the nearby NYMEX futures contract. Moreover, platinum formed a bullish key reversal pattern on the quarterly chart as the price fell below the Q1 low in Q2 before settling above the Q1 high.
Rhodium, a platinum group metal that trades only in the physical market, was the only precious metal to post a decline in Q2. Rhodium’s price fell 2.19% in Q2 but was 20.54% higher over the first half of 2025.
Palladium, platinum’s sister metal, rallied 10.63% in Q2 and was 21.69% higher over the first six months of 2025.
The quarterly chart highlights that NYMEX palladium futures settled at $1,107.10 per ounce on June 30. Like platinum, palladium also formed a bullish key reversal pattern on the quarterly chart in Q2 2025.
Story Continues
While COMEX silver futures rose 3.59% in Q2, the second-leading precious metal posted a 22.60% gain over the first six months of 2025.
The quarterly COMEX futures chart shows that silver futures settled Q2 at $35.852 per ounce. Meanwhile, silver was the third precious metal to post a bullish key reversal pattern in Q2 as the price made a lower low than during Q1 2025 and closed the quarter above the previous quarter’s high.
Gold, the leading precious metal, continued its ascent that began in 1999 in Q2, posting a 5.92% quarterly gain and a 25.24% gain over the first half of 2025.
The quarterly COMEX futures chart illustrates that gold reached a new record high in Q2 at the $3,500 per ounce level. Gold has made new record peaks over the past seven consecutive quarters. Nearby COMEX gold futures settled Q2 at $3,307.70 per ounce as the bull market that turned parabolic in 2024 continues to take the precious metals to new all-time highs.
Gold’s trend remains higher, and the trend is always a trader or investor’s best friend. Every correction since the 1999 bottom has been a buying opportunity, and I expect that trend to continue. Central banks continue to purchase gold to add to their reserves. Gold has become the second-leading reserve asset, surpassing the Euro currency as the second-leading reserve currency. The bottom line is that gold’s trend remains, for lack of a better word, golden, as the markets head into the second half of 2025.
Silver, platinum, and palladium formed powerful bullish formations in Q2, with each metal falling below its Q1 low and closing the quarter above the previous quarter’s peak. The bullish key reversal patterns could indicate that the bullish trend in the precious and industrial metals will continue over the coming months and quarters, as silver, platinum, and palladium catch up with gold.
Silver reached levels of either side of $50 per ounce in 2011 and 1980. Platinum’s record high was $2,308.80 in 2008, and palladium’s all-time high was $3,425 per ounce in 2022. Therefore, the three precious metals have considerable upside potential following the extremely bullish signals in Q2 2025.
I remain bullish on the precious metals sector, but even the most aggressive bull markets rarely move in straight lines. Buying on price corrections has been optimal in gold since the 1999 low, and I expect that trend to continue in gold, silver, platinum, and palladium over the coming months.
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
