Gold ripped past $4,000 an ounce this morning — the highest price in history. We’ve been long metals stocks, so yes, we’re smiling.
But there are bigger questions to tackle here. What do record-breaking gold prices actually mean for stocks? Isn’t this supposed to be bearish for equities?
Nope. That’s one of those stories people like to tell — but the data doesn’t back it up. There’s zero historical evidence that rising gold prices hurt stock market investors.
The other question: How far can this move go? And it’s not just gold — silver, platinum, and palladium are all in motion. We own them too, and the setup across the metals space keeps getting more interesting.
Let’s dig in.
Gold Highest Monthly Close Ever
Here’s a chart of Gold finishing up last month (and last quarter) at the highest levels ever.
This morning, Gold prices are already through $4,000 for the first time ever:

Gold peaked back in 2011 and then spent more than a decade moving sideways. That’s a long time to go nowhere. But in markets, “The bigger the base, the higher in space.”
This is exactly why we hunt for big bases — because when they finally resolve, the moves can be explosive.
The late great William O’Neil, founder of Investor’s Business Daily, would have called this one a “cup and handle.” The giant bowl-shaped base stretched from 2011 through 2020, followed by a three-year handle from 2020 into 2023.
These formations are classic continuation patterns. They pause the trend, build energy, and then typically resolve in the direction of the prior move.
And for Gold, the prior move through the 2000s was very clearly up.
Now that the breakout is underway, we’re seeing the power of more than a decade’s worth of consolidation being unleashed.
What About the Other Metals?
If Gold is making moves, Silver is likely not too far behind.
In 2025, Gold is up a little more than 50% for the year. Silver is already up more than 65% this year.
Here is the long-term chart so you can see Silver prices pushing up against those 2010 highs:

Do they break them higher in Silver?
I think they do.
But don’t ignore what’s happening in Platinum and Palladium, which are both outperforming Gold so far this year.
Platinum is up more than 80% in 2025.
Here’s South African mining stock Sibanye Stillwater (SBSW), for example, which gives investors exposure to Palladium and Platinum.
We own this one, so we’re thrilled about it.
But take a look at the price of the stock (in blue) overlaid with a 50/50 basket of Palladium and Platinum.
These two lines look the same:

The run in precious metals isn’t finished — not by a long shot.
The Gold Miners Index has already doubled this year, something that’s never happened before. That alone tells you this move is historic. But, more importantly, it tells you there’s energy left in the tank.
We’ve got breakouts across Gold, Silver, Platinum, and Palladium… decade-long bases resolving higher… and miners leading the way. These are not the signs of a trend that’s tired. They’re the hallmarks of a bull leg in full swing.
So no, I don’t think it’s over. Not even close.
We’ll keep pressing our advantage, adding to strength, and staying on the right side of this trade.
Stay tuned — because in metals, the real fireworks may still be ahead.
Stay sharp,
JC Parets, CMT
Founder, TrendLabs