Silver’s Hidden Advantage: Why It May Outperform Gold in 2025

Incrementum is back with their Monthly Gold Compass for August 2025, packed with fresh insights and exclusive charts on gold, silver, mining stocks, and macro trends. Drawing from their renowned In Gold We Trust research series, this chartbook delivers over 50 visualizations and actionable data for anyone tracking the precious metals space. It’s one of the best free sources of gold market analysis available today. Get your copy and explore the trends investors are watching.

According to the World Gold Council, central banks added a net 22 tonnes of gold to their reserves in June, with Uzbekistan breaking a four-month selling streak by purchasing 9 tonnes. In Q2, global central bank gold buying totaled 166 tonnes, with Poland leading the way by adding 19 tonnes. However, Q2 purchases were down 33% from Q1 levels, reflecting a slight cooling of demand as gold prices have surged nearly 30% this year. Still, ING analysts expect continued buying ahead, driven by geopolitical uncertainty and the desire to reduce reliance on the U.S. dollar.

Gold held its longest winning streak since February, climbing over 3% in just four sessions amid mounting concerns about the U.S. economy. Weak data on the services sector, labor market, and consumer spending are reinforcing fears of a slowdown, largely blamed on ongoing tariffs. This has fueled speculation that the Federal Reserve will cut interest rates at its September meeting—an outcome traders now see as a 90% probability. Lower rates tend to favor gold, which offers no yield but preserves purchasing power. Gold is up nearly 30% so far this year, as investors seek shelter from trade conflicts, geopolitical tensions,