Reflecting on 2025 and the year ahead
As 2025 draws to a close, I wanted to reach out personally – not just to talk about markets and milestones, but to speak directly to you.
Because if we’re being honest, this year has been one for the history books. At certain points, silver was moving faster than my morning coffee order, and gold seemed determined to prove that central banks really do know something after all.
The world didn’t get simpler in 2025. Inflation took longer than expected to settle down, interest rates changed direction twice, and headlines were just as volatile as markets. I had countless conversations with clients this year who were asking the same question in different words: “What on earth happens next?”
Yet through all of that, precious metals didn’t just rise – they delivered clarity.
Gold
Gold was the quiet achiever. It didn’t shout, it didn’t sprint, it simply gained approximately +62% in USD terms and reminded everyone why it has survived every monetary experiment in history. For many of you who held gold this year, it wasn’t about chasing returns – it was about protecting the purchasing power of the future.
Platinum
Platinum delivered one of its most impressive years in decades, rising approximately +109%. Supply tightened, demand held, and fundamentals roared louder than the headlines. I lost track of how many times we heard: “I didn’t realise platinum could do that.” Neither did half the market.
Silver
And then… silver.
Silver rose approximately +120% and hit US$66.87 per ounce – and A$100 per ounce for the first time ever.
For those who have been patiently holding (and sometimes questioning their own sanity), this was vindication. Years of “one day” turned into “today.”
It’s not an exaggeration to say silver became one of the most exciting asset stories on the planet this year. And yes – we all noticed. The result was a powerful shift in how silver is valued globally. Its total market capitalisation expanded to approximately A$5.534 Trillion, surpassing Microsoft and placing silver among the top 5 asset classes worldwide.
Growth at Jaggards
It wasn’t just the metals that moved. Jaggards welcomed many new clients in 2025, and October set a record that none of us will forget. There were queues, phone lines that didn’t stop ringing, and one memorable moment when we ran out of pens. (We are now heavily stocked in both bullion and stationery for 2026.)
If there was one lesson that stood out, it was this:
buy when you can, not when you have to.
Looking ahead
Now, if anyone tells you they know exactly what 2026 will do, they are either clairvoyant or lying. Possibly both.
What we can confidently say is this: The fundamentals are still strong. Global debt levels are high, purchasing power is declining, and investors are increasingly seeking tangible assets that they can hold in their hands, rather than just watch on a screen.
Gold continues to be well supported. Silver, in my view, has further room ahead. Platinum benefits from continued supply constraints.
But beyond markets and forecasts, I want to acknowledge something more important:
You.
Thank you for trusting us with conversations about your wealth, your plans, your choices and your journey.
Thank you for asking thoughtful questions, for seeking understanding rather than noise, and for bringing meaning to what could otherwise be just numbers and metal.
Holiday trading
Our retail store will close from 24 December 2025 and reopen on Monday, 5 January 2026. Our online store remains open 24/7 (I won’t be personally processing orders at 3AM, but you’re welcome to place them).
As you head into the holiday season, I hope you find time to rest, reflect, and reconnect with the people who matter most.
And as we move into 2026, my hope is simple: that the choices you have made – quietly, thoughtfully, and often courageously – continue to reward you. Not just in wealth, but in peace of mind.
Thank you for being part of our story this year. It has been a privilege to be part of yours.
Warm regards,
Hercules Tsoutsas
Director, Jaggards
