Silver and platinum surpass gold’s 2025 returns

This year’s returns on silver, at 26.8%, have inched slightly above gold, according to the prices of two popular exchange-traded funds, the iShares Silver Trust and SPDR Gold Shares, as of Monday’s trading.

It is the first time the iShares silver ETF has outperformed gold’s year-to-date gains in 48 trading days. As recently as May, the gold fund’s 2025 returns were nearly double that of silver. Much of the catch-up has taken place in June as the silver ETF gained 11% while the gold fund gained 1%.

Platinum’s story is more boisterous. The aberdeen Physical Platinum Shares ETF has gained 15% month-t0-date and its 2025 returns surpassed gold on Friday for the first time since early February.

Reasons behind silver and platinum gains aren’t clear. Traders may be searching for other stores of value as concerns remain over global trade and tariffs. Physical commodities such as precious metals are considered safe investments in times of distress. Since gold prices were already high—setting record level 24 times this year—it may have opened the door for these metals to climb.

Platinum also has another factor working for it—China, the largest platinum market globally. In the first quarter, platinum jewelry demand grew by 50% year-over-year in China, according to Platinum Guild International data cited by World Platinum Investment Council. The growth is double what was previously reported and has been attributed to gold becoming too expensive for buyers.

With high gold prices, Chinese “wholesalers are beginning to look more favourably on platinum. A number are reportedly increasing stock in showrooms throughout the country,” according to a report from precious metal refiner Heraeus on May 26.

Supply is another contributor to high platinum prices as mined output of platinum group metals from South Africa decreased by 12% in the first quarter compared with a year ago, according to BofA’s global commodity research team.

Still, the bank prefers silver over platinum as an investment. The silver market is benefiting from new applications in solar panels and safe haven demand, the bank writes in the note, while platinum jewelry demand faces risk from declines in China’s population growth and marriage rates.

22V Research’s team also said to buy silver in a June 5 note. They believe the metal will significantly outperform gold from here, and also like that silver plays an essential role in the semiconductor industry.

There is a cautionary tale here for gold bears. Writing off gold for dead at this time could be dangerous, especially as it remains roughly 2% from marking another record while uncertainty about the U.S. economy and trade policies remains high.

But it’s fair to say a look at other metals for your portfolio is worthwhile.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com.