Investing in Gold, Silver and Platinum: Why the Narrative Winner Is Not Always the Numerical One

Precious metals are often discussed as a single asset class. In practice, gold, silver and platinum behave very differently, economically, psychologically, and financially.

In this Finova Insights paper, we examine the performance of physical gold, silver and platinum across calendar year 2025, using an identical USD 100,000 spot-price investment in each metal. While gold dominated headlines and investor sentiment, the results reveal a more nuanced picture. Silver and platinum delivered materially different, and in some cases superior return profiles, driven by industrial demand dynamics, supply constraints, and thinner market liquidity.

The paper also looks ahead to 2026 through a scenario-based lens. Drawing on public-domain forecasts from leading global banks and institutions, it highlights how outcomes are likely to remain highly path-dependent, shaped by monetary policy, geopolitical risk, industrial cycles, and supply discipline, rather than a single macro narrative.

The key conclusion is not that one metal is “better” than another, but that precious metals fulfil distinct roles within capital allocation. Treating them as interchangeable can obscure both risk and opportunity. A more balanced and diversified approach across metals may therefore warrant closer consideration.

You can download the full Finova Insights Paper as a pdf by clicking the link below.