Gold and silver surge but the real story lies in the Comex trading volume

By Gary Wagner – Kitco News

The precious metals complex continues its remarkable ascent, with gold closing in on its record high less than $30 away and silver establishing new all-time highs amid a confluence of supportive factors including cooling labor markets, persistent geopolitical tensions, and structural supply constraints that are reshaping investor portfolios worldwide.

Silver surged above $66 per ounce Wednesday, reaching new all-time highs as investors sought alternative assets following a mixed US jobs report. The white metal’s performance in 2025 has been nothing short of spectacular, with year-to-date gains approaching 130%, dramatically outpacing its traditional counterpart gold.