Precious Metals Surge to Historic Highs


● Gold hits an all-time high


● Silver, Platinum, and Palladium soar


● Friday’s U.S. Nonfarm Payrolls report may be delayed


We may be witnessing a historic turning point in the precious metals market. Last week, silver, platinum, and palladium rallied with astonishing strength, climbing with little resistance. Silver closed at $46/oz on Friday—up $3 from the previous week and now up 60% year-to-date. Platinum and palladium also posted double-digit gains, with platinum reaching levels not seen in over a decade.



This morning, the rally continues:


🔹 Gold surged to $3,800/oz


🔹 Silver climbed to $47/oz—just $3 shy of its all-time high


While global demand for safe-haven assets is rising, it only partially explains the price spike. Supply-side constraints are intensifying. Gold and silver ETFs are absorbing massive inflows from both institutions and retail investors. Jewelers report a shortage of secondhand gold, as few are willing to sell in this bullish climate. Mining companies are scrambling to raise output targets, with many posting record profits.



 Looking Ahead This Week


The first Friday of the month is approaching, but the U.S. Nonfarm Payrolls report may be delayed. If Congress fails to pass a funding bill before the September 30 fiscal deadline, a government shutdown looms. The Bureau of Labor Statistics—classified as a “non-essential service”—would be impacted unless a last-minute deal is reached.


If released on time, the report is expected to show 39,000 new jobs. While this may seem low, labor force participation is declining rapidly due to retirements. Unemployment is projected to hold steady at 4.3%.


Regardless of a shutdown, Tuesday’s JOLTS job openings report will be published as scheduled, offering key insights into the U.S. labor market. Wednesday’s ADP employment data will also proceed unaffected. Coincidentally, Wednesday marks the start of China’s Golden Week holiday, with markets closed until October 8.


Beyond U.S. employment data, global markets will be watching manufacturing and services PMI releases from multiple countries. The Reserve Bank of Australia will also meet tomorrow to decide the direction of the Aussie dollar.



For now, all eyes remain on precious metals.