I want to be clear, this is not a bearish call on gold or silver. I still believe both metals have significant upside from here, and I will explain why shortly. What this is, is a recognition that platinum is sitting at the same relative value inflection point that silver was at in early 2025. And if you were paying attention back then, you will know exactly what happened next.

I explained my reasoning to my clients at the time. I put my own money where my mouth was. Those who understood the argument and came to their own conclusions did very well. I am doing the same thing again now, and I think it is worth explaining why.

Why I've Positioned Myself Heavy In Silver

In early 2025, I was watching the gold-to-silver ratio closely. That ratio tells you how many ounces of silver it takes to buy one ounce of gold. At its peak in early 2025, that ratio was sitting above 100. Read that again. It took over 100 ounces of silver to buy a single ounce of gold.

Historically, that ratio has averaged somewhere between 40 and 60. In 1980 it hit 15. In 2011 it was around 30. A reading above 100 was telling me something very clearly: silver was historically cheap relative to gold, despite having already moved meaningfully in price terms.

I explained that reasoning to my clients. I bought more silver for my own stack. And then the ratio began to compress. It has since dropped from above 100 down to around 59 today. That compression is silver outperforming gold on a percentage basis. Those who understood the signal and acted on their own reasoning captured a significant move.

The ratio framework worked. And right now, that same framework is pointing directly at platinum.

The Three Charts That Tell the Platinum Story

Chart 1: Gold to Platinum

The gold-to-platinum ratio currently sits at 2.362. That means it takes 2.362 ounces of platinum to buy a single ounce of gold.

Let that sink in for a moment. Back in 2008, platinum was actually more expensive than gold per ounce. The ratio was below 1. Platinum was the premium metal. That relationship has completely inverted over the past 18 years, and the inversion has reached historically extreme levels.

In late 2025, the ratio spiked to around 3.7, the most extreme reading on the entire chart going back to 2007. It has since pulled back to 2.362. That pullback is important. It tells me the ratio has already started to compress. Platinum is beginning to recover relative to gold. But at 2.362, it remains deeply undervalued by any historical measure.

Chart 2: Gold to Silver

I am including this chart once again because it's important to highlight the pattern and cycle of precious metals I identified which made my clients and me millions of dollars.

When the gold-to-silver ratio was at extreme highs above 100 in early 2025, it was signalling that silver was cheap relative to gold. The compression of that ratio from 100 down to 59 is what drove silver's outperformance over the past year. The signal worked.

The gold-to-platinum ratio is now making the same argument. Same signal. Different metal. Next chapter of the bull market.

And here is the part I want to be very clear about. I still expect the gold-to-silver ratio to continue compressing from 59 towards its historical norms. Silver is not done. The move I have made with my portfolio is not a call that silver has finished running. Silver will likely continue to outperform gold from here. I am simply recognising that platinum now offers a comparable, and potentially larger, relative value opportunity at this specific point in the cycle.

Chart 3: Silver to Platinum

This is the chart that I think most people have not seen yet, and it is the most compelling of the three.

The silver-to-platinum ratio currently sits at 0.03973. In practical terms, it takes approximately 25 ounces of silver to buy one ounce of platinum today.

For most of the period between 2007 and 2020, that ratio sat between 0.010 and 0.028. Silver's parabolic run in 2025 drove it to extreme highs around 0.045, well outside its historical range. It has pulled back from that extreme but remains elevated.

Here is what this means for platinum. Platinum does not just have to catch up to gold. It has to catch up to silver as well. Two ratios are telling you that platinum is undervalued simultaneously.

Platinum Has Not Had Its Turn Yet

There is a sequence to how precious metals move in a bull market, and it is remarkably consistent across history.

Gold leads. It is the monetary anchor, the first to respond to macro stress. We saw gold break out of its key $2,000 level in 2023 and run all the way to over $4,500 today.

Silver follows gold with a lag, and when it moves, it moves harder on a percentage basis. We saw silver break out of a 45-year cup-and-handle pattern at $50 in 2025, then run all the way to $120 before pulling back to around $77 today.

Platinum comes last. It broke out of a 13-year downtrend and ran from around $900 up to nearly $3,000 before pulling back sharply to where it sits today at around $1,947.

Now here is the critical point. Platinum has not broken its all-time highs yet. It was trading between $2,100 and $2,200 an ounce back in 2007 and 2008. It is still below that level today. Gold has smashed through its previous all-time highs. Silver has smashed through its previous all-time highs. Platinum has not.

That gap between where platinum sits today and where its all-time highs are is not a problem. It is the opportunity. Buying platinum now is like buying silver before it broke through $50. The breakout from the all-time high is still ahead of it.

What the Technical Analysis Is Saying

My own analysis is fundamentals and ratio-based, but I have been watching the technical picture on platinum closely as well and it is telling a consistent story.

Platinum is currently sitting right at a key support level. The way I read support levels is simple: above is bullish, below is bearish. Right now, platinum is sitting above it.

What is also worth noting is that platinum recently attempted to break down from this level and could not follow through. In technical terms that is called a failed breakdown, and it is typically a bullish signal. The sellers had their opportunity and did not have enough conviction to push it lower.

The other thing I am watching is platinum miners. Miners tend to lead the metal. When the companies pulling platinum out of the ground are holding up while spot price pulls back, it tells you the market views the pullback as a buying opportunity rather than the start of something worse.

The fundamental ratio data and the technical picture are pointing in the same direction. That kind of confluence is worth paying attention to.

Why I Have Adjusted My Portfolio

To be completely transparent, here is where I have moved my own money and why.

Previous split: 70% silver, 20% platinum, 10% gold.

Current split: 65% silver, 30% platinum, 5% gold.

The reduction in gold reflects my view that gold has already made a significant portion of its move in this cycle. I still hold gold. I still think it goes higher. But relative to platinum at current levels, the upside from here is less compelling to me personally.

The small reduction in silver reflects the same thinking. I have not meaningfully reduced my silver position because I still believe silver outperforms gold from here as the gold-to-silver ratio continues to compress. But I have taken some profits and rotated them into what I see as the better relative value opportunity right now.

Platinum is where that opportunity sits. The ratio data is making the argument. The sequencing supports it. The technicals align with it. And the all-time highs have not been broken yet.

This is what I do. I look at where the relative value is, I put my own money there, and I explain my reasoning to anyone who wants to understand it. What you do with that information is entirely up to you.

How to Buy Platinum Optimally

If you are looking at this and thinking about how to get exposure to platinum, the mechanics of how you buy matter as much as the decision to buy.

For platinum, the optimal product is the 1oz bar. It is the size that sits closest to spot price on the way in, meaning you are paying the least premium over the raw metal value. On the sell side, 1oz platinum bars are the largest size that Liberty Bullion pays 100% of spot price for when you come to sell. Go bigger than 1oz and you start giving up margin on the way out for no reason.

If you want to be even more optimal about building your platinum position, have a look at our 1oz platinum buyback options. It is the most efficient way to accumulate platinum over time, locking in the best possible spread on both sides of every transaction. For those who are serious about building a meaningful position, it is the way to do it.

The upside from a move in platinum will only be as good as the entry you got on the way in. Getting the mechanics right matters.

The Precious Metals Bullmarket Is Only Just Beginning

The precious metals bull market is not over. It is rotating. Gold led. Silver followed. Platinum is next, and it has not broken its all-time highs yet.

I am not telling you what to do with your money. I am telling you what I am doing with mine, and the reasoning behind it. If you want to talk through any of this, come into Liberty Bullion, give us a call, or jump on the website. My team is across all of it and happy to help.

What a time to be alive.

Sam from Liberty Bullion.