ABC Bullion Monthly Market Update May 2025

Precious metal markets were firmly back in bull market mode this week, led by silver, which broke out above critical resistance at USD $35oz. Gold was also strong, rising back above USD $3,350oz, while Platinum also continued its recent bullish momentum, last trading near USD $1,150z.

While all three metals rallied in recent days, silver has captured most of the headlines, and market attention, with the price surging to highs not seen since 2012 and the precious metal now up by close to 20% for the calendar year to date.

The silver price rally has also brought the gold to silver ratio (GSR) down to 94, with the potential for this ratio to decline much further as this bull market cycle plays out.

The recent price action in silver, and in precious metals generally makes it the perfect time to release our May monthly market update.

This Monthly Market Update explores:

• Short and longer-term performance trends in precious metals.

• How gold is performing against equities and other commodities.

• Inflationary dynamics and how they impact precious metals.

• Investor positioning and the technical set up for the bullion market.

Jordan Eliseo
General Manager, ABC Bullion Australia

^{Disclaimer: This document has been prepared by Australian Bullion Company (NSW) Pty Limited (ABN 82 002 858 602) (ABC). The information contained in this document or internet related link (collectively, Document) is of a general nature and is provided for information purposes only. It is not intended to constitute advice, nor to influence any person in making a decision in relation to any precious metal or related product. To the extent that any advice is provided in this Document, it is general advice only and has been prepared without taking into account your objectives, financial situation or needs (your Personal Circumstances). Before acting on any such general advice, we recommend that you obtain professional advice and consider the appropriateness of the advice having regard to your Personal Circumstances. If the advice relates to the acquisition, or possible acquisition of any precious metal or related product, you should obtain independent professional advice before making any decision about whether to acquire it. Although the information and opinions contained in this document are based on sources, we believe to be reliable, to the extent permitted by law, ABC and its associated entities do not warrant, represent or guarantee, expressly or impliedly, that the information contained in this document is accurate, complete, reliable or current. The information is subject to change without notice, and we are under no obligation to update it. Past performance is not a reliable indicator of future performance. If you intend to rely on the information, you should independently verify and assess the accuracy and completeness and obtain professional advice regarding its suitability for your Personal Circumstances. To the extent possible, ABC, its associated entities, and any of its or their officers, employees and agents accepts no liability for any loss or damage relating to any use or reliance on the information in this document. It is intended for the use of ABC clients and may not be distributed or reproduced without consent. © Australian Bullion Company (NSW) Pty Limited 2020.}