Fresh Friday Records for Gold and Silver

by Donnie Dauria

Market Drivers

Gold and silver ended the week at new historic levels, with safe-haven demand surging on the back of intensifying geopolitical conflicts, rising bond yields, and global currency weakness. Despite record-setting equity markets earlier in the week, investors continue to rotate into bullion as a hedge against political instability and monetary uncertainty.

  • Gold: Set its 15th new weekly closing high of 2025, gaining 1.6% from last Friday.
  • Silver: Rose for the 4th consecutive week, climbing 3.8% to a new 14-year high.

Geopolitical flashpoints underscored safe-haven flows:

  • Russia accused of drone incursions into Poland’s NATO airspace.
  • U.S. and Japanese military drills in Okinawa amid Chinese naval maneuvers.
  • Intensified Middle East conflict, with Israeli strikes reported in Qatar, Gaza, and Yemen.

Price Levels

  • Gold (USD): $3,673 intraday high (Tuesday) | $3,648 close Friday
  • Gold (EUR): €3,118 per oz (new weekly record)
  • Gold (GBP): £2,696 per oz (fresh week-end record)
  • Silver (USD): $42.29 per oz (14-year daily high)
  • Silver (EUR): €36+ per oz (all-time high)
  • Silver (GBP): £31.19 per oz (4th daily record this month)

Outside the U.S. dollar, both metals also set all-time highs across major currencies including the Chinese Yuan, Indian Rupee, Japanese Yen, and British Pound.

Market Supply Dynamics

Metals Focus analysts highlight that silver’s breakout has been supported by tightening physical supplies and declining liquidity in London. However, LBMA data shows:

  • Silver inventories in London: +1.8% in August, hitting the year’s highest level.
  • Silver inventories in New York (Comex): at fresh all-time highs.
  • Gold inventories in London: -0.4% from July, with outflows from Bank of England vaults.

Shanghai gold traded at a $20 discount to London, signaling weaker physical demand in China despite record Yuan-denominated prices.

Inflation-Adjusted Perspective

  • Silver: The historical peaks at $50 per ounce in 1980 and 2011 equate to roughly $180+ in today’s dollars, meaning silver remains far below its inflation-adjusted highs. This highlights the massive runway for silver if history repeats.
  • Gold: Surpassed its 1980 peak earlier this year in real terms. Adjusted for inflation, today’s $3,600 gold is already above the equivalent of 1980’s $850 spike, confirming the start of a new valuation regime rather than just a cyclical bounce.

Outlook

  • Gold: Near-term upside targets remain $3,700–$3,750, with geopolitical tensions serving as accelerants.
  • Silver: Resistance remains at $42.50, with medium-term potential toward $45–$48 per oz. Currency-adjusted highs across Europe suggest underlying global strength.

Investor Takeaway

Gold and silver are breaking records across multiple currencies, a clear sign of global demand strength. Inflation-adjusted analysis shows that silver is still dramatically undervalued compared to past peaks, while gold has already entered uncharted territory in real terms.

Positioning Strategy

  • Gold: Maintain core exposure; accumulate on dips toward $3,600–$3,630.
  • Silver: Add on pullbacks near $41.00–$41.50, targeting a breakout toward $45–$48.

MetalStacks Members: History is repeating, but on a bigger scale. Gold has already exceeded its real 1980 peak, while silver is still only a fraction of its inflation-adjusted highs. That gap is your opportunity.

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