Precious metals are finally breaking out relative to equities.
By Sam Gatlin, Jason Perz
December 15, 2025
For the past year and a half, precious metals have done exactly what real bull markets are supposed to do: they’ve rewarded patience, punished disbelief, and steadily rotated leadership toward risk.
Since Gold broke out on March 4th, 2024, and officially launched a new secular uptrend, the returns have been staggering.
Silver is up more than 160%.
Gold and Platinum have nearly doubled.
And Palladium is up roughly 50%.
On the equities side, the gains have been even more explosive.
Silver miners are up more than 225%.
Junior Gold miners have rallied more than 220%.
Junior Silver miners are up roughly 200%.
Gold miners overall have gained close to 200%, with some pockets doing even more.
Over that same period, the S&P 500 has rallied a measly 33%.
This is what dominance looks like.
Precious metals are the Oklahoma City Thunder of the financial markets.
And yet, despite all of that outperformance, the most important development is only happening now.
Precious metals are finally breaking out relative to the broader stock market.
This is the transition every secular bull market must undergo if it is to persist.
Absolute trends grab headlines, but relative trends drive capital allocation.
Today, these relative trends suggest that the best gains may still lie ahead.
The first chart makes that crystal clear.
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