November was one of the most important months for precious metals in a long time. Silver reached new all-time highs, and gold saw its fourth straight month of gains. The stark difference across asset classes this month was what made it stand out: as crypto and tech stocks fell, precious metals rose.
This is what a hedge really does, and it’s also a practical example of market Beta: a measure of how much a stock moves compared to benchmark indexes like the S&P 500. November was an excellent example of how precious metals may protect against falling asset prices.
The Nasdaq struggled, and Bitcoin plunged by more than 16%. Gold and silver, on the other hand, kept going up.
Gold
Most major news outlets have been writing extensively about gold over the past several weeks. The metal started the month at $4,009 and ended it at $4,220.43 with a 5.4% gain. On November 28, gold reached its highest level in two weeks as hopes rose that the Federal Reserve would lower interest rates in December.
At first, the markets were unsure about the Fed’s hawkish statements earlier this month. But dovish comments from Fed Governor Christopher Waller and New York Fed President John Williams, along with poor economic data following the government shutdown, completely changed people’s minds.
At the end of the month, traders thought there was an 87% chance of a rate cut in December, up from 50% a week before.
This is the fourth month in a row that gold has gone up. Prices have gone up more than 60% this year because central banks are buying, there is uncertainty about world events, and investors are worried about rising debt levels and inflation.
Silver
This month, silver was the unexpected winner, hitting all-time highs while gold got most of the attention. The white metal started at $48.37 and ended at $56.40, for a huge one-month gain of nearly 20% that pushed it to a fresh all-time high.
There were a number of reasons for the breakout. The demand for investment is rising, which has emptied above-ground stocks. In London’s over-the-counter markets, physical silver is becoming increasingly hard to find due to supply issues. Practical demand also continues to rise, coupled with speculative demand from investors.
The pressure on demand has now moved to China, where the Shanghai Gold Exchange’s reserves are at their lowest level in ten years. The silver market will face a structural supply shortage until 2026 because new supply can’t keep pace with industrial demand, especially from solar panels, electronics, and electric cars.
By the end of the month, the gold-silver ratio had dropped to 74.71, its lowest level since early May 2024. When this ratio declines, silver is seen as stronger than gold.
Platinum
In November, platinum went up, starting at $1,573 and ending at $1,652. On November 27, when China’s Guangzhou Futures Exchange began trading platinum and palladium futures contracts, the metals’ prices rose sharply.
The first day was a big success, with 42.28 billion yuan in sales. This launch marks a significant shift for both metals after a few months of calm trade. China uses more than 20% of the world’s platinum and palladium. About 60% of platinum and more than 80% of palladium go to green uses, such as controlling car emissions, producing hydrogen energy, and making solar cells.
Chinese enterprises can protect themselves against changes in global prices and supply disruptions through domestic futures contracts.
Looking Ahead
November’s strong precious metals prices came amid weakness in other risky assets. The Nasdaq fell because healthcare equities and defensive sectors performed well. The fact that Bitcoin dropped 16.7% in a month showed that people were moving toward physical assets.
It will be especially fascinating to watch platinum and palladium in 2026. The new exchange in China could lead to increased demand and higher prices due to its higher trade volumes.
November showed investors who keep an eye on daily spot prices why it’s important to have a variety of investments. People who were considering buying gold saw how well precious metals performed when other types of investments didn’t.
Information on spot prices based on CMI Gold & Silver’s daily spot price feed.
Keep up to date! Get daily spot prices sent to your email by signing up.
