Gold and silver prices have pushed higher yet again this week, with both metals posting fresh all-time high spot prices in USD and other currencies.

Gold has pushed past $4,200 per ounce this week, hitting a current USD high of $4,243.11. In the past month alone, gold has climbed over 14% and so far is holding up well at these new historic levels. In GBP gold reached a new high of £3,160.77, passing £100 per gram for the first time. In euros, gold set a new record of €3,637.31, up more than 15% in the past month.

161025 USD Chart

While gold has impressed, silver has been the greater success so far this year, climbing 80% from $29 to hit new all-time highs of more than $50 per ounce. In GBP gold briefly saw £40 per ounce, and has held around £39 for most of the week. In euros, silver is trading above €45 for the first time.

The new records top the previous silver high set in the 80s when the Hunt brothers cornered the silver market. Although the new price when adjusted for inflation falls short of that 80’s record, it also looks much healthier. The previous high was based on just a few people taking up massive amounts of silver on their own, while this week’s new record is based on a much wider scale of physical, ETF and industrial demand.

Suppliers around the world are reporting shortages of physical silver as the demand outstrips supply, and analysts expect further gains for silver given the longstanding supply deficit would take significant work to overcome at this stage.

A ceasefire in Gaza has done very little to dampen the appetite for safe havens, and markets remain bullish. The ongoing shutdown of the US government, talk of providing Ukraine with Tomahawk missiles, and renewed trade war tensions between the US and China are all contributing to gold and silver’s rallies. Momentum will also be playing a key role, with traders jumping in to benefit from the stellar gains seen in both metals this year.

As always, such strong gains brings with it a risk of selling pressure, and silver has seen some volatility each time it approaches $53 per ounce, but most dips are being bought into so far, and with physical demand so high both metals appear to be well supported. Jamie Dimon of JP Morgan was quoted saying that gold could hit $5,000 - $10,000 in the current environment, a wide range, but one that seems plausible given the pace of gains this year.