2025 saw gold up 62%, silver 136%, platinum 120%, palladium 81% with new records for gold, silver, platinum. Annual average prices rose 44% gold, 42% silver, 34% platinum, 19% palladium.

ETF inflows were significant: 21.7M oz gold, 203M oz silver, 257k oz platinum, 474k oz palladium in 2025. More silver, platinum, palladium added in second half as investors shifted into lagging metals.

Price increases reflect sharp rise in investment demand, much through ETFs. This shift is important to understand why prices rose.

Silver's rise wasn't just silver-specific factors. Gold, silver, platinum, palladium, copper, aluminum all rose sharply - there are broader factors.

Misinformation-based mania among silver true believers coupled with momentum speculators riding unsustainable rise is worrisome short-term, indicating risks of further downward moves.

Broad commodity rises point to economy: perceptions of economy, uncertainties, risks, concerns. Data is positive in some respects but carries lots of concerns seen by intelligent investors.

US politics more volatile/uncertain/risky than expected 2-3 months ago due to recent Republican Party trends.

Same exogenous risks/uncertainties (political, financial, economic, social, social cohesion) that drove metals higher last year remain, some may be worse in 2026.

Expectation: higher gold/silver/platinum/palladium prices or at least plateauing at high/record levels for much of 2026 possibly into 2027.

Gallup poll shows 40% adults worldwide report sharp increases in worry/stress about economy/political environment. US survey shows similar with top concerns: nation's future, economic conditions, misinformation.

Expectation: gold/silver/platinum/palladium prices stay high and possibly move even higher. Gold prices expected to continue rising due to concerns.

Expect central banks to buy about 8M oz gold again next year (7.7-7.8M oz through Nov 2025, 8M oz in 2024). Not 20-35M oz as some claim.

2026 may see beginning of reduced silver demand in solar panels due to technologies reducing per-unit use and high prices ($28?$82). First decline may occur in 2026.

No real deficits in silver supply. Deficit numbers from others include investment demand in fabrication demand. Silver Institute data shows surpluses not deficits when investment demand removed.

Platinum hit new record late December on thin trading, back to $2,183 (still >double $900 start of 2025). Palladium also spiked, back to $1,700 (~double $900 start).

Videos for education, counter misinformation, market CPM's research brand. Stepped up production in 2021 to counter scam artists claiming world running out of silver.

2025 extraordinary year, busier than ever. Hope to pick up initiatives set aside due to market demand intensity in 2026.

Long-term upward shift in investment demand for gold/silver since 2000 speech has rung true for 25 years, expectation to continue next 25 years.

Hold onto your hats - winds going to be pretty fierce in coming year, interesting time to invest in gold, silver, platinum, palladium, commodities.