As gold prices consolidate above $3,300 an ounce, investors are turning their attention to other segments of the precious metals market in search of untapped value. With strong forecasts for both silver and platinum, the second half of 2025 is shaping up to be an exciting period for diversified metals investors.
Gold in a Holding Pattern, But Rally Still Expected
Gold has been on a remarkable run, posting gains of nearly 30% year-to-date and currently trading at $3,330.56 per ounce, up 0.23% on the day. However, according to a recent Q3 outlook report from BMO Capital Markets, the metal is expected to move sideways through the summer as markets adjust to new price levels.
Despite this temporary plateau, BMO analysts remain confident in gold’s long-term momentum, forecasting a climb to $3,600 per ounce by Q4 2025.
“We are inclined to believe its multi-year rally isn’t over as global debt climbs and the de-dollarisation theme continues to play out,” they stated.
Ongoing strong central bank demand and macroeconomic uncertainties are expected to support gold well into 2025. For investors looking to capitalize on long-term economic shifts, gold still holds considerable appeal.
Platinum Poised for a Breakout
While gold consolidates, platinum is quietly staging its own comeback. Currently trading at $1,347 per ounce, up 2% on the day, platinum has caught the eye of analysts due to fundamental supply and demand dynamics.
BMO forecasts platinum will reach $1,500 per ounce by the end of 2025, supported by continued market deficits and declining investor stockpiles.
“After several years of deficits, the platinum market appears to finally be drawing on investor stockpiles to remain balanced, causing prices to break out,” analysts noted.
As the platinum market tightens further, prices are expected to rise to levels that incentivize holders to sell, keeping the rally fueled through the second half of the year.
Silver’s Short-Term Resistance, Long-Term Support
Silver has seen significant gains recently, reaching a 13-year high of $37.30 per ounce in mid-June and currently trading at $36.18, up nearly 1% on the day. According to BMO, this momentum has been partially driven by investor rotation out of gold and into other tangible assets.
However, analysts caution that technical positioning and shifting trends in solar energy demand may cap short-term upside.
“Silver has had a healthy uplift… but this breakout above $35/oz has coincided with a reduction in COT net positioning, which we believe is likely to limit further upside.”
Concerns are rising over potential setbacks in solar demand. Recent U.S. tariffs on solar panel imports from Southeast Asia—reaching up to 3,521%—combined with China’s shift to market-based pricing for solar installations, have already led to the cancellation of 13 large projects. In a worst-case scenario, global solar installations could drop by 110GW in 2025, potentially reducing silver demand by 35 million ounces.
Strong Industrial Demand Will Support Silver Prices
Despite solar-related concerns, BMO remains cautiously optimistic on silver due to broad industrial demand and an ongoing structural deficit in the silver market.
“Given our forecast of a persistent silver deficit of ~150–200Moz for the foreseeable future, we do not expect the negative headlines to impact silver fundamentals this year, keeping prices buoyant,” BMO concluded.
Even in a worst-case scenario for the solar sector, the anticipated silver deficit should help prevent any major collapse in price, offering support for investors holding long-term positions.
Conclusion: Diversified Precious Metals Strategy Remains Key
As gold holds steady above $3,300, savvy investors are diversifying into silver and platinum to capture value during a consolidation phase. With BMO forecasting new highs for both gold and platinum before the end of 2025, and silver maintaining strong industrial fundamentals, the second half of the year offers multi-metal growth potential.
Whether you’re hedging against economic volatility or seeking long-term capital appreciation, a balanced approach across the precious metals spectrum may be the smartest move in today’s evolving market.
