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Gold has seen a pretty decent pullback here the last couple of days, mostly on optimism surrounding trade deals between the U.S. and other nations – namely Japan and with the EU. The yellow metal is off close to $100 from where it was earlier in the week and currently checks in at $3,342, good for a modest 0.6% decline week-over-week.

As for silver, the story is similar. Silver is $1 lower than its early-week high but since last Friday’s close is down a slight 0.2% to check in at $38.30 an ounce as of this Friday morning recording.

The PGMs are also in negative territory as well, with platinum coming in at $1,414 – off 2.2% for the week, while palladium is checking in at $1,246, also down 2.2% since last Friday’s close.

Surges in the gold-to-silver ratio above 100 in both March 2020 and April 2025 preceded powerful silver rallies – and if the 2020 analog holds, even more silver gains are ahead.

Silver has come a long way since the bleak days of early April.
 

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