Gold makes yet another all-time high for the 50th time this year, smashes $4,500

Platinum prices just blew through $2,200, touching levels not seen since June 2008, as the rally stretched to nine days in a row, the longest streak in over two years.

The metal is now up +32% during this run and sits just 5% away from its all-time intraday high from March 2008.

On the year, platinum is up a staggering +142%, making 2025 its best year since at least the 1960s. The rally has been driven by tightened physical supply in London, where banks are reportedly shipping platinum to the US to hedge against tariff risk.

At the same time, exports to China remain strong and the launch of platinum futures in Guangzhou has added new demand into the mix. The entire market is now in a supply-led squeeze.

Stocks also pushed higher. The S&P 500 rose 0.4%, closing in on its record intraday high of 6,920.34, last seen in October. It was last trading around 6,906 and is tracking toward a new closing high above 6,901.

The Nasdaq Composite gained 0.5%, lifted by Nvidia and Broadcom, which both added around 2%. The Dow Jones climbed 108 points or 0.2%.

Fueling the rally, the Commerce Department reported a 4.3% GDP growth in Q3, crushing the 3.2% estimate from Dow Jones. Traders continue to price in Fed rate cuts for next year, despite the blowout economic data.

The US dollar just logged its lowest level since October 3, falling 0.3% on Tuesday, and it’s now down 8.2% in 2025.

That puts it on track for its worst year since 2017, and another small dip could make this the dollar’s biggest collapse in two decades.

This slide is being powered by expectations that the Federal Reserve will keep cutting rates while other central banks hold steady or tighten. The divergence is hammering demand for the greenback as traders pile into rival currencies.

The Canadian dollar has hit its strongest level since August, the Aussie dollar surged to a three-month high, and the Swedish krona surged to a level last seen in February 2022 all on Tuesday.

Options traders are also turning cold. Risk reversals, which measure sentiment in the options market, show the most bearish positioning against the dollar in three months.

According to the Depository Trust & Clearing Corporation, the selling is coming mostly through the euro and the Australian dollar, which have become the go-to bets for shorting the greenback during this final stretch of the year.

Gold just blasted past $4,500, logging its 50th all-time high this year after jumping another 1.2% on Tuesday. This surge followed its biggest one-day rally in over a month and pushed the metal into overbought territory, with a relative strength index of 80.3.

The US blockade on oil tankers targeting President Nicolás Maduro’s government has lit a fire under demand for safe-haven assets.

Gold is now up 70% this year, setting it on pace for its best annual return since 1979. And traders aren’t done, because Goldman Sachs just projected a $4,900 base case for 2026, warning that upside risks remain.

The World Gold Council said gold-backed ETF holdings have increased every month this year except May. On Tuesday alone, State Street’s SPDR Gold Trust added 12 tons, its largest daily jump since October, according to data from Farside UK.

Meanwhile, silver is actually outperforming gold, rallying by 1.4% to $70 and now up 140% year-to-date, thanks to speculative inflows and tight supply, along with lingering dislocations from October’s insanely massive short squeeze.

London vaults have started to restock, but most available silver is still sitting in New York, where traders are bracing for the outcome of a US Commerce Department probe that could slap tariffs on critical mineral imports.

In China, inventories in Shanghai Futures Exchange warehouses just fell to their lowest since 2015. As of press time, silver’s RSI stood at 79.1, also flashing overbought territory.