In this week’s Money Metals Midweek Memo, host Mike Maharrey returned from a cross-country hockey tournament to dig into two massive stories shaping the precious metals landscape: platinum’s under-the-radar explosion in value and the growing trend of nations demanding their gold be brought home.
Together, these shifts highlight the increasing global desire for monetary sovereignty and physical control over real assets.
Platinum’s Silent bull run: 49.8% gains in 2025
While gold and silver continue to dominate headlines, platinum quietly became the top-performing commodity in the first half of 2025. Prices jumped from $900 an ounce in January to $1,360 by the end of June, a staggering 49.8% gain.
That’s nearly double gold’s 25.9% rise and well ahead of silver’s 24.9% gain over the same period.
As of late July, platinum was trading around $1,405, pushing its lead even further.
What’s driving the surge?
The primary catalyst is a structural supply deficit. The World Platinum Investment Council (WPIC) reported that demand outpaced supply by 995,000 ounces in 2024, nearly a million ounces—46% more than analysts forecast.
For 2025, they expect another shortfall of approximately 848,000 ounces. Above-ground stocks dropped 23% last year and are forecasted to fall another 25% this year.
That means industrial users must dip into shrinking inventories, pushing prices higher.
Platinum also benefits from broader commodity momentum.
With the U.S. dollar showing weakness and precious metals in general performing well, platinum is enjoying a piggyback effect. But its fundamentals are strong on their own.
The metal is crucial in the automotive sector—particularly in catalytic converters used in hybrid and internal combustion vehicles. In fact, auto-sector demand reached a seven-year high in Q1 2025, and that trend is expected to continue due to stricter global emissions rules and the substitution of platinum for palladium.
Jewelry demand is rebounding as well, especially in India. A 53% increase in Indian platinum jewelry purchases helped drive global demand up 5% year-over-year in Q1. India’s growing appetite for platinum could be a long-term tailwind.
Historically, platinum was more expensive than gold.
In March 2008, platinum reached an all-time high of $2,213 per ounce—well above gold’s 2011 record of $1,920 at the time. But since 2015, gold has consistently outpaced platinum in price. That disconnect may not last.
With such a wide gap and platinum’s fundamentals strengthening, Maharrey suggests the metal could be poised for a longer-term revaluation. Even a partial return to historical price parity with gold would mean significant upside for platinum investors.
Repatriating Gold: The sovereignty movement grows
As Maharrey transitions topics, he highlights an accelerating global trend: countries are repatriating their gold reserves, choosing to store them domestically rather than in foreign vaults in London, New York, or Switzerland. Serbia is the latest nation to take this step.
Serbia currently holds about 50.5 tons of gold—valued at roughly $6 billion—and has already brought most of it home. Only five tons remain in Swiss vaults, and the National Bank of Serbia has pledged to retrieve that gold “as soon as possible.”
Once completed, Serbia will become the first European nation to store its entire gold reserve within its own borders.
The reasoning behind this decision is clear: control, access, and security.
Serbian officials cited rising global uncertainty and crisis preparedness as reasons for repatriation. Simply put, when things go sideways, they want to be able to reach their gold without relying on foreign institutions or political goodwill.
This move is part of a much broader trend. India repatriated 200 tons of gold over the past two years. Poland, Hungary, Romania, Australia, the Netherlands, Belgium, and Germany have all taken steps to bring gold home in recent years.
In 2017, Germany completed a program to return roughly half its gold reserves. Now, public pressure is mounting in Germany and Italy to bring home the rest—fueled in part by growing concern over U.S. political unpredictability.
Some European critics point specifically to former President Donald Trump. Whether the concern is justified or not, the point remains: if foreign central banks believe the United States may become an unreliable custodian, they’re going to act accordingly. Policy decisions abroad are shaped by perceptions and risk mitigation, not wishful thinking.
From West to East: The global shift in Gold ownership
Investigative reporter Jan Nieuwenhuis, writing for Money Metals, has been tracking the changing location of the world’s official gold reserves. In 1972, 49% of official reserves were stored outside New York and London. Today, that figure has jumped to 78%.
This shift is reshaping the global balance of financial power. According to Nieuwenhuis, non-Western countries—primarily in Asia—now hold 18,643 tons of gold. That compares to 21,470 tons held by Western nations.
The West still has the lead, but not for long. At 46% of global reserves, non-Western ownership is approaching majority status.
This change isn’t just symbolic. Gold has always been monetary power. As the saying goes, “He who holds the gold makes the rules.”
The movement of gold from West to East reflects the emergence of a multipolar global order. As countries like China, India, and Russia increase their reserves, they gain leverage to trade outside the dollar-based system and store their wealth in an asset beyond Western control.
After the United States and its allies froze over half of Russia’s $650 billion in reserves following the invasion of Ukraine, many central banks reevaluated their own vulnerabilities.
The World Gold Council found that 68% of central banks surveyed in 2023 intended to store their gold domestically, up from just 50% in 2020.
Counterparty risk and the case for physical Gold
Maharrey drives home a key lesson from this global shift: owning physical gold eliminates counterparty risk.
Unlike paper money, bank deposits, or even ETFs, gold doesn’t depend on anyone’s promise to honor its value. It can’t be printed. It can’t be frozen by sanctions. Its value is intrinsic and universally recognized.
Storing gold abroad reintroduces risk.
That risk may be low—until it isn’t.
Central banks are waking up to the reality that gold stored in foreign jurisdictions is vulnerable to geopolitical tensions, economic warfare, and political intervention.
Transparency is also a growing concern.
The Federal Reserve has refused to disclose details about the gold it holds on behalf of foreign governments. It declined a Freedom of Information Act request from Headline USA asking for basic inventory data. Even members of Congress like Rep. Alex Mooney (R-WV) have been stonewalled when asking about these holdings.
Should you store Gold at home?
While central banks are bringing gold home, individual investors face a similar dilemma: store metals at home, or use a secure third-party depository?
Maharrey acknowledges that home storage comes with risks. Most home safes can be cracked by a determined thief. Even clever hiding places aren’t foolproof.
On the other hand, third-party storage introduces different risks—mainly trust and access.
Whether you store gold at home or in a depository, the most important step is owning it.
Physical precious metals remain the most reliable hedge against inflation, geopolitical upheaval, and currency devaluation.
Final thoughts
The platinum rally and the wave of gold repatriation underscore a growing global demand for real money, real assets, and real sovereignty. Nations are moving away from the dollar. Investors are seeking protection from inflation and instability.
The trend is clear: sound money is back in style.
If you’re considering your next step, this may be a prime moment to buy gold, silver, platinum, or palladium before the next leg up.
The foundation is already laid.
The world is waking up.
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