Del analítico

Octubre de 2025 será recordado en el mercado de metales preciosos como el mes en el que la plata recuperó brevemente el protagonismo, superando la barrera psicológica de los 50 dólares por onza, sólo para retroceder por debajo de esa marca en cuestión de días. Lo que parecía una reivindicación largamente esperada por los alcistas de la plata se convirtió en una lección sobre lo frágil que puede ser el impulso en un mercado plagado de déficits estructurales, cuellos de botella en la oferta y una creciente incertidumbre geopolítica y económica. Para entender lo que ha ocurrido realmente -y lo que revela sobre el papel de la plata en el sistema financiero mundial- debemos mirar más allá de los titulares y adentrarnos en la mecánica profunda de este volátil metal.

Algo extraordinario está ocurriendo en las finanzas mundiales, y está escrito en oro. En 2025, el oro ha batido todos los récords históricos, con el precio al contado disparándose por encima de los 4.200 dólares por onza y, según "Société Générale", dirigiéndose potencialmente hacia los 5.000 a finales de 2026.

En 2025, China está remodelando de forma silenciosa pero decisiva el panorama mundial del oro. Con los precios de los lingotes por encima de los 3.700 dólares la onza y las tensiones geopolíticas en aumento, el Banco Popular de China (PBOC) está aplicando una serie de medidas estratégicas diseñadas para reforzar la posición del país como centro mundial de comercio…

Fort Knox has long stood as a symbol of American financial strength and security. Officially, it houses 147.3 million ounces (approximately 8,133.46 metric tons) of gold, making it one of the largest gold reserves in the world. But recent calls for an audit of these reserves…

Gold has reclaimed its place as the ultimate safe-haven asset, with demand from both institutional and retail investors driving prices to unprecedented highs. The precious metal recently hit a new all-time record of 2,942 dollars per troy ounce in Asian trading, reflecting an 11.2% increase since the start of 2025.

Gold has firmly established itself as the best-performing asset of the “Trump trade” era, rising faster than equities, bonds, and even cryptocurrencies. Since Donald Trump’s inauguration, the precious metal has surged more than 7%, reaching a new record of 2,942 dollars per troy ounce not so far ago.

Over the past year, gold has experienced an exceptional rally, with prices surging nearly 30% since January 2024. As of early February 2025, the precious metal is trading at 2,873 dollars per ounce, surpassing its previous record from October, when it peaked at 2,788 dollars per ounce.

The global gold market is experiencing an extraordinary surge in demand, fueled by escalating geopolitical tensions, trade war fears, and central bank diversification strategies.

The global gold market experienced an unprecedented year in 2024, with demand reaching record highs across multiple sectors. Total gold demand, including over-the-counter (OTC) investments, increased by 1% year-over-year in the fourth quarter, bringing the annual total to an all-time high of 4,974 metric tons. This surge was fueled primarily by central banks and investors who continued to view gold as a strategic asset in an environment of economic uncertainty, geopolitical instability, and shifting monetary policies.

As 2025 unfolds, investors are navigating a landscape shaped by heightened geopolitical tensions, inflationary pressures, and shifting economic policies, particularly in the United States. Against this backdrop, gold and silver have reemerged as critical safe-haven assets, offering stability in uncertain times. While equities continue to deliver strong returns in certain markets, precious metals…