We Called It: Precious Metals 18 Months On — and What's Coming Next
In December 2024, we published Why Precious Metals Are the Shining Stars of 2025: A Bullish Outlook by gg petit. We were bullish. Firmly, unapologetically bullish.
Eighteen months later, we're back. Not to gloat — but the numbers do speak for themselves.
Where We Are Today
As of June 2026:
- Silver is trading at approximately $68–70 per troy ounce.
- Gold is trading at approximately $4,300 per troy ounce.
Both have moved significantly since our original piece. And in our view, neither is done moving.
Our Outlook From Here
We'll be direct: we see silver reaching $140+ per ounce and gold reaching $6,500+ per ounce from current levels.
When? That's the honest part — we don't know exactly. It could be within the next 12 to 18 months. It could be sooner. It could take longer. Markets move on their own timeline, not ours. But the direction, we believe, is clear.
And here's the part worth paying attention to: silver has significantly more room to run than gold on a relative basis.
Why Silver More Than Gold
Gold at $4,300 moving to $6,500 is roughly a 50% move. Meaningful, but not extraordinary by historical standards for a bull market in metals.
Silver at $68 moving to $140+ is a doubling or more. That's a very different proposition — and it's grounded in something structural, not speculative.
The silver-to-gold ratio today remains historically wide. Historically, silver has traded at roughly 1/50th to 1/60th the price of gold. At current prices, the ratio is closer to 1/60th — meaning silver is still cheap relative to gold by long-run standards. A normalisation of that ratio alone, without gold moving at all, would put silver well above $70.
Add to that silver's industrial demand story — solar panels, EV batteries, semiconductors, medical devices — and you have a metal with both investment and real-world demand pulling it higher simultaneously. Gold doesn't have that.
The Reasons Are Interesting. The Outcome Is What Matters.
We could go deeper. Geopolitical fragmentation. Central bank de-dollarisation. Persistent fiscal deficits across major economies. Supply constraints from key mining regions. All of it is real, all of it is relevant.
But here's what we've learned: the reasons are interesting to discuss. What actually happens is all that matters. We made a call in December 2024 based on conviction, not certainty. The market has moved in the direction we expected. We're making the same call again now — with more data behind it, and the same honest caveat that no one knows exactly when or how fast.
What we do know is that silver, in particular, is likely to become meaningfully more expensive — possibly significantly more expensive — than it is today. Whether that happens in 12 months or 24, the direction feels clear to us.
What This Means If You Own Silver Jewellery
At gg petit, we work exclusively in 925 sterling silver. We've always believed silver is the most underappreciated luxury material in fine jewellery — beautiful, hypoallergenic, and deeply versatile.
But increasingly, it's also something else: a wearable asset in a metal that we believe has real upside from here. A piece bought today, at current silver prices, may look very different in value terms a year or two from now.
That's not a sales pitch. It's just where we stand — the same place we stood 18 months ago.