2025 turned out to be gold’s year to shine—literally. While markets zigzagged and crypto did its usual rollercoaster, physical gold delivered a steady, impressive 44% gain, climbing from $2,798/oz in January to around $4,000 by late October. Not bad for a metal that’s been around since, well, forever.

The year started quietly. Gold lingered near historic highs but felt almost sleepy—until it didn’t. Central banks kept buying in bulk, adding over 1,000 tonnes globally, driven by inflation fears and currency jitters. Geopolitical tension—think trade spats and regional flare-ups—kept the safe-haven bid strong. By mid-year, prices settled into a $3,300 range, giving buyers a chance to breathe (and stack).

Then came October 8th: gold broke $4,000 for the first time, touching nearly $4,400 before pulling back on hopes of de-escalation in US-China trade tensions. As of this week, it’s sitting at $4,146, still up big, still solid. Silver had its moments too, rising 43% to $48/oz. It briefly topped $50, riding industrial demand and gold’s coattails. Physical buyers were active—US retail grabbed 124 tonnes in Q2 alone, and here in South Africa, demand for Krugerrands and other collectable gold and silver coins stayed brisk.

Quick takeaways for South African buyers

• Early birds cashed in big—anyone who added Krugerrands or other bullion coins in January is sitting on 40–50% gains (depending on premiums paid). Well played indeed.
• Dips are your friends—gold never moves in a straight line. The October pullback from $4,400 to below $4,000 reminded us: patience pays. Use any 5–10% drop to top up at better levels.
• Storage isn’t sexy, but it’s essential—private vaulting gives you absolute control and instant access.
• Silver still looks cheap—the gold: silver ratio is hovering above 85:1 (historically high). At current levels, silver offers more upside bang-for-rand than gold, especially in collectable 1-oz coins. Worth a serious look for the next leg up.

2025 reminded us: when trust in paper wanes, physical metal holds its own. Forecasts point to $4,000+ averages in 2026, possibly higher if uncertainty lingers. Not a wild ride—just a strong, quiet one. Stack accordingly.