Silver and platinum rallied sharply in June as investors diversified away from gold amid rising concerns over U.S. dollar weakness. Silver climbed above $36 per ounce, a 13-year high, while platinum hit $1,273, its strongest level in four years. Both metals have advanced substantially, driven by fears that gold may now be overvalued. With the dollar’s safe-haven appeal diminishing, market participants are shifting to other precious metals with solid industrial fundamentals.

MKS Pamp analyst Nicky Shiels was quoted by the Financial Times as saying: “Gold is the preferred dollar hedge, and this is the next iteration of that trade.” She emphasized that growing U.S. debt concerns are reinforcing demand for alternatives. Silver exchange-traded funds (ETFs) have seen more than 300 tonnes of inflows this month—double May’s figures. Suki Cooper of Standard Chartered noted:

This does feel like a catch-up flow in platinum and silver, relative to gold.

The analyst added that the current gold-to-silver ratio of 93—well above the historical average—signals that silver remains undervalued.

Industrial demand further supports the outlook. Silver is essential in solar panels, batteries, and glass coatings, while platinum remains vital in auto catalytic converters and industrial applications. Cooper highlighted a tightening market:

We expected both silver and platinum to be in quite a deep deficit in 2025 … There is support for more upside.

Slower-than-expected electric vehicle adoption continues to underpin platinum usage, while Chinese demand for platinum jewelry is rebounding. As above-ground inventories shrink, both metals are positioned for continued investor interest and potential price gains.

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