Andrey Litvinov

The year 2025 will likely be remembered as a turning point in the modern history of gold. Both in physical terms and in market value, global demand reached levels never seen before, reflecting a deep shift in how investors, households, institutions, and governments perceive risk, money, and long-term security. Total gold demand, including over-the-counter transactions, exceeded 5,000 tonnes for the first time, while the gold price set 53 new all-time highs over the course of the year.

Silver’s leap above 100 dollars per ounce in January 2026 marks one of the most extreme price moves in the modern history of the metal. After already gaining about 147% in 2025, silver added another 40% in just the first weeks of the new year, pushing it far beyond levels that many analysts consider justified by fundamentals alone.

The sharp rise in gold prices over the past two years has transformed gold from a conservative reserve asset into a central pillar of monetary sovereignty and geopolitical risk management. With bullion prices climbing more than 60% and repeatedly setting new records above 4,300 dollars per troy ounce, gold has re-entered the strategic core of global finance.