Silver, platinum, and palladium have posted year-to-date gains of 66%, 65%, and 50%, respectively, a surge driven primarily by investor inflows, limited London inventories, and uncertainty surrounding US trade policy, according to a recent note from Goldman Sachs Inc.
This rally occurred despite limited evidence of strong industrial demand, underscoring the financial and structural forces behind the moves.
Analysts say private investors increased their allocations after the Federal Reserve cut interest rates, treating the metals as more sensitive alternatives to gold.
The belief that the three metals needed to "catch up" after gold's early rally also drew funds into the relatively small and less liquid platinum and palladium markets.
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