This Week:
Estimated reading time: 6 minutes
Weekly Price Overview – 15 October 2025
Precious metals exploded higher this week, with USD gold and silver both breaking through major psychological levels. Fresh NZD records were set, helped by the plunging Kiwi now near 0.57.
🟡 NZD gold surged $403.48 to $7,283.51 (+5.86%), blasting through its uptrend channel. The RSI is stretched, but in past bull runs, prices stayed overbought for weeks. USD gold jumped $171.38 to $4,161.80 (+4.29%), breaking through not just $4,000 but $4,100 too — a strong signal of bullish momentum.
⚪ NZD silver jumped $7.89 to $90.44 (+9.56%), easing slightly from a new ATH above $92. USD silver rose $3.80 to $51.68 (+7.93%) after setting a nominal record above $52. Both remain overbought — but in bull markets, that’s often just a sign of strength.
💱 NZD/USD fell 86 basis points to 0.5714 (–1.48%), breaking key support again. This ongoing weakness continues to amplify NZD gold and silver moves.
📈 While short-term pullbacks may emerge, the trend remains clearly bullish. Positioning on dips remains the preferred approach as momentum holds firm across the board.
Gold vs. Fiat: The Case for Real Value in a Failing System
It’s easy to assume gold is just a shiny relic from the past — but that thinking misses the real reason it’s still in demand today.
In this week’s feature, we break down what gives gold enduring value — and how it stacks up against the paper money we use every day.
Includes a striking comparison chart that may shift how you see your dollars.
Chart of the Week: Silver: Still Far from Its Inflation-Adjusted High
In real terms, silver has barely doubled since 1915 — and it’s nowhere near its 1980 peak.
Despite recent gains, the chart shows silver’s big move may still lie ahead.
Source: Mikko J. Rissanen
Gold in the Headlines — A Sign to Be Cautious?
Gold surged past US$4000 (NZ$6900) this week, grabbing attention in both the NZ Herald and ASB market updates.
“Is this rise driven by fundamentals — or just fear?” asked the Herald, calling it the biggest rally since the 1970s.
ASB pointed to global risk factors:
“Gold broke through US$4k… likely supported by risk aversion from the US government shutdown and the political crisis in France.”
As we mentioned on LinkedIn during the week, when gold hits the headlines, short-term pullbacks often follow. Earlier this year, a similar Herald article preceded months of sideways action.
This time may be different — gold has kept climbing. But it’s a reminder: strong bull markets can be hard to read.
That’s why we suggest:
✔️ Start with an initial position
✔️ Average in over time
You can follow Glenn’s market takes on LinkedIn.
What’s Going On in the Silver Market?
London is in the middle of a historic silver squeeze.
Here’s what’s happening — and why it matters.
Physical Silver Is Running Out in London
Silver in London now trades at a big premium to New York and Shanghai — a rare condition called backwardation (as we explained last week). This signals one thing: a serious shortage of physical metal available for immediate delivery.
London is the key hub for supplying global silver — but the vaults there have been slowly drained, with stockpiles now well below 2020–2021 levels. The “free float” — the portion actually available to move — has nearly dried up.
Borrowing Silver Now Costs a Fortune
Traders caught short on physical silver are being squeezed hard:
- Overnight lease rates (to borrow silver) hit 100% annualised
- Even 1-month loans cost 11% — up from a typical 0.2%
- Liquidity has dried up, and traders are being forced to pay steep premiums or exit their positions at a loss
This is a real-world squeeze — not just price speculation.
Planes, Premiums, and Paper Panic
To take advantage of London’s extreme premiums, some traders are now air-freighting silver from the US to London — an expensive move usually reserved for gold.
But it’s not that the US and China are flooding the market. The big stockpiles are staying put, likely due to expectations of even higher prices or strategic hoarding. What we’re seeing is a scramble for available bars — and only a trickle of metal moving to where it’s most needed.
Why It Matters
The silver market’s plumbing is jammed — and it’s having ripple effects.
- Physical silver is becoming harder to get
- Paper silver (ETFs, futures) is being exposed as vulnerable
- Volatility is likely to increase sharply as supply and demand fight it out
And as always, when paper markets break down, it’s the owners of real, deliverable metal who win.
Sources: Vince Lanci (YouTube, Oct 11), Jack Farchy – Bloomberg, Charles-Henry Monchau – Sys Group via LinkedIn.
Bottom Line:
We’re witnessing the biggest silver squeeze in decades.
The system is under pressure, premiums are surging, and the only thing that matters right now is who holds real physical silver — not paper promises.
As we always say: If you can’t hold it — or store it securely — you don’t really own it.
Whether you’re looking to start your first position or add to existing holdings, we can help you find the right mix of gold and silver — and make sure it’s stored safely.
To learn more or discuss your options, get in touch with us today.
Glenn's dedication to educating individuals on wealth protection through precious metals has helped over 2400 clients from New Zealand, Australia, USA and Europe to safeguard their financial futures. Passionate about financial independence and lifestyle freedom, Glenn’s mission is to empower others with the knowledge and tools to thrive in today’s volatile economic environment. When he's not advising on precious metals, Glenn enjoys spending time with his family and pursuing outdoor adventures.
Education: University of Auckland Bachelor of Science
Linkedin: https://www.linkedin.com/in/glenn-thomas-0984a4310/
- War, Oil and Gold: Market Implications of the Latest Middle East Conflict - March 11, 2026
- Is the Gold Bull Market Over? What the Charts Say - March 4, 2026
- Gold: Under-Owned, Under-Positioned — and Still Misunderstood? - February 18, 2026
