The Trend Is Still Your Friend

This is what real bull markets look like.

Violent upside momentum. 

Persistent demand. 

Targets are getting hit faster than expected. 

Former resistance levels are becoming nothing more than speed bumps on the way to higher levels. 

And perhaps most importantly, leadership is rotating exactly as it should within a healthy precious metals cycle.

Before we get into individual charts, the 2025 returns scoreboard tells the story better than any narrative ever could.

Silver is leading the entire complex, up roughly 170% year-to-date. 

Platinum is right on its heels with gains of about 165%. 

Palladium, the laggard for years, is up more than 110%. 

And Gold, the metal that kicked off this entire secular bull market, is “only” up about 72%.

This is classic bull market behavior.

In the early stages of a precious metals bull market, Gold leads. As confidence builds and risk appetite expands, capital flows down the risk curve into Silver, Platinum, Palladium, and, eventually, into the miners. 

That’s exactly what we’re seeing today. Gold is no longer the star of the show, and that’s a feature, not a bug. 

This rotation tells us the cycle is maturing, broadening, and strengthening, not ending.

Looking at the charts, the message becomes even clearer.