Gold may have dominated headlines during the first half of 2025, rising more than 25%, but it is no longer the sole shiny option for investors. While gold’s sharp growth is starting to raise valuation questions, a more subdued shift is underway in silver, platinum, and even palladium. ETFs that track these less-watched metals are gaining popularity, driven by a combination of macroeconomic tailwinds, a weakening U.S. dollar, and speculation surrounding the Fed’s next move.
Also Read: These ETFs Gain As Dollar Slips And Rate Cut Bets Rise
The Gold Standard, Still?
Gold’s rise has been impressive. The SPDR Gold Shares ETF (NYSE:GLD), the biggest and most liquid bullion-backed ETF, increased almost 26% year-to-date, even touching all-time highs in April. Its rally has been driven by rate-cut hopes, geopolitical tensions, and a dollar that’s lost 11%—its worst first-half performance in over three decades.
But there’s a caveat. RBC Capital Markets warned in April that gold may now be overpriced from a macroeconomic perspective. The rally, the analysts contend, has been fueled more by fear than by fundamentals. And fear, unlike bullion, doesn’t come with an ounce measurement.
Also Read: Silver’s $35 Breakout: The Best ETFs For The Bullish Ride
Platinum, Silver Step Into The Spotlight
While that’s happening, other precious metals are making their own comeback. Platinum leaped more than 26% in June alone. Constrained supply conditions and a jump in demand from Chinese jewelry markets have fueled the surge. Mix in speculative demand from both the U.S. and China, and you’ve got a metal playing catch-up.
Silver and palladium aren’t quiet either. The iShares Silver Trust (NYSE:SLV) and Sprott Physical Silver Trust (NYSE:PSLV) rose consistently as investors search for discounted alternatives to gold. Silver’s dual position as both an industrial metal and a precious metal lends it a unique appeal in the current climate, where inflation risk persists and economic statistics are mixed.
This volatile environment has generated a surge in interest in diversified and targeted metals ETFs. Prices of the Aberdeen Standard Physical Platinum Shares ETF (NYSE:PPLT) and Sprott Physical Platinum and Palladium Trust (NYSE:SPPP) have shot up in the first half of this year, suggesting increased flows, while the Invesco DB Precious Metals Fund (NYSE:DBP), holding a blend of gold and silver futures, is growing in popularity among tactical asset allocators.
At the same time, multi-metal mining ETFs, such as the iShares MSCI Global Metals & Mining Producers ETF (BATS:PICK), are gaining traction among investors seeking exposure to commodity prices indirectly through producers and refiners.
What’s Behind The Move?
Dollar Weakness: As the greenback hits multi-decade lows, dollar-denominated assets such as precious metals gain attractiveness.
Rate-Cut Buzz: Markets are expecting at least two Fed rate cuts this year, a situation that traditionally favors metal prices.
Valuation Catch-Up: Metals such as platinum remain significantly below all-time highs and are attractive on a relative basis.
From Gold to What's Next
If the first six months of 2025 belonged to gold, then the second half could be remembered for what comes after it. Whether it’s the breakout of silver, the rise of platinum, or a strategic blend of metals, ETF investors appear poised to diversify through uncertainty, one ounce at a time.
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