Continuing geopolitical and economic uncertainty has seen the recent bull runs for gold, silver and platinum continue to surge and even more record prices set today with silver breaking the £2000/kg barrier.

The most recent rallies are primarily attributed to safe-haven demand stemming from the escalating tensions in both Venezuela and Iran, as well as other ongoing conflicts and geopolitical uncertainty.

January 12th LBMA Fixes 

• Gold (am) – £109,588.57/kg (£3408.66/oz)
• Silver (midday) - £2008.14/kg (£62.46/oz)
• Platinum (am) - £56,798.47/kg (£1776.67/oz)

At the time of writing, all the above fixes are new records (n.b. prices have continued to rise since…).

Comparison to the 2010/11 Bull-run

If we analyse these results and make a comparison to the 2010/11 bull-run prices that until recently were the benchmark highs, we can see how far all three metals have climbed:

• Silver - previous high April 2011 - £29.26/0z – current price +213%
• Gold - previous high Sept 2011 - £1177/0z – current price +290%
• Platinum - previous high May 2010 - £1183/oz – current price +150%

Bear in mind, the above comparison prices were record highs. If investments were bought at the lows, profit realisations are huge.

E.g. 100oz of 999 silver just prior to Covid lockdown on March 17^th 2020 was worth £1028. Today, that same 100oz is worth £6246 – a six-fold increase in less than six years.

Ratio

The traditional gold-to-silver ratio is 65. The ratio reached its modern low of 31 during the precious metals bull market of 2011. For the past decade, this ratio has been higher than 65 and indeed during mid-2025, this ratio increased to over 100. The ratio has now been compressed to 54.5, a level not observed since January 2013, as silver has progressively narrowed the performance gap with gold.