When “Bullish” Wasn’t Bullish Enough: Precious Metals in 2025

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2025 proved that traditional forecasting models struggled to keep pace with the speed and scale of the precious metals rally. What began the year with already bullish assumptions quickly turned into a cycle of upward revisions, as gold, silver, platinum, and palladium pushed well beyond even aggressive expectations. In this week’s The Gold Spot, Scottsdale Bullion & Coin Founder Eric Sepanek looks back at the market’s price forecasts for precious metals, how each metal outpaced these predictions, and what this could mean for 2026 expectations. Taken together, Scottsdale Bullion & Coin’s aggregated price outlooks for the four major precious metals were exceeded by ~54% on average, a meaningful gap that underscores just how conservative early-year assumptions ultimately proved to be. That internal result closely aligns with broader market data. According to Bloomberg, the precious metals complex as a whole rose roughly 64% in 2025, marking one of the strongest annual performances for the asset class in decades.