Precious metals stocks were given a lift on Friday. Fresnillo PLC (LSE:FRES) jumped 5%, topping the FTSE 100 risers. Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) gained 2.6%. The move reflected another strong session for gold and silver.
Silver hit a fresh record. Gold pushed back toward its all-time high. Momentum was brisk. Price action was clean. The backdrop was supportive.
Silver’s surge followed a brief consolidation phase after a strong technical pattern earlier in the week. Silver was changing hands for just over $64 and has more than doubled from its year low. Gold also advanced, rising 1.3% to $4,311.69, its highest level since late October.
The force behind the rally was clear: the dollar kept sliding. The US currency has fallen for three straight weeks, making gold and silver cheaper for overseas buyers and more appealing as stores of value.
Another watchpoint is the gold-silver ratio. It has dropped to 67.33, its lowest since 2021, signalling silver’s strong outperformance. Analysts note that if the ratio falls toward 62–65, the rally may be nearing a peak.