Bullion Bank: Platinum Takes the Lead (For Now)

First time in five years Gold has not been the top performer in the space

Platinum Takes the Lead—For Now

The first half of 2025 closed with Platinum outperforming the rest of the precious metals complex. Since mid-May, the metal has rallied nearly 40%, driven by a surge in Chinese imports and a renewed narrative around tightness and undervaluation. This marks the first time in five years that Gold has not been the top performer in the precious metals space.