Gold, Silver, Platinum: Why 2026’s Rollercoaster Markets Aren’t Done Yet

What a Year for Metals — And It’s Only May

Let me be honest: I haven’t seen a metal market this jittery since the crypto mania years. Gold flirted with SGD 3,100/oz in April, only to wipe out two months of gains in a week. Silver had its classic drama (up more than 25% since January, now giving some back), while platinum just keeps disappointing. Some traders are calling this the new normal. Personally, I don’t buy it — something’s brewing underneath.

Quick Recap: The Numbers

• •January: $2,840
• •March: $3,150 peak
• •May 14th: $2,995 spot (midday SG time)

• •January: $32
• •April: $41
• •May: $38 (down from a spike to $43!)

• •January: $1,320
• •March: $1,225 (the low!)
• •Now: $1,265

I’m not making these up — pull up the chart on BullionStar if you want. These are some wild percentage swings for what’s supposed to be the “defensive” part of anyone’s portfolio.

What’s Moving the Metals This Time?

I used to say, lah, gold’s price just follows the US dollar and interest rates. Actually, that’s a bit outdated now. We’ve got three big things at play:

• • - Massive purchases by China, India, and (increasingly) some ASEAN central banks. MAS has quietly added reserves, although not at China's level, obviously.
• • - The Russia-Ukraine situation? Still boiling. But it’s the South China Sea tension that’s making Singaporean investors nervous. I hear it almost every time I chat with regular buyers at the counter.
• • - Everybody expected US rates to fall by now. But stubborn inflation (especially in Europe, less so in the US) is keeping rates up. That should be bad for gold, right? Except, more and more people don’t believe central banks have any real control left.

Throw in gold ETF flows (the outflows have actually slowed, not reversed), and I see a market drifting between old-school and new-school thinking. The result? Insane volatility for what should be a boring asset.

Singapore Angle: Why We're Different

If you’re buying here, don’t forget we have GST exemption on IPM precious metals. That absolutely matters on days like these. When silver jumped 20% in three weeks, the price on BullionStar tracked spot almost tick-for-tick — no GST buffer to soften or exaggerate the swings. You feel every single spike and drop in your bottom line.

Plus, Singapore dollar stability is no small thing. The SGD has held up better than the yen or pound, so our gold prices aren’t just a reflection of US spot. If you’re comparing to your friends buying in London, you’ll see their swings are even worse.

Market Psychology: Who’s Buying?

Let’s be real, the crowd shifts every year. 2026 is shaping up to be the year of the reluctant FOMO buyer.

• •Central banks: Steady background bid. Nothing new here, though Singapore’s own central bank is quietly in the mix.
• •Family offices: Saw a big uptick in Q1. These are big buyers, but they tend to buy quietly, on dips.
• •Retail: Honestly, retail is chasing rallies — every time gold spikes, there’s a queue at UOB’s counter. I’ve seen it. But most locals do their buying online now, because the spreads are ridiculous in-person. I checked last week: UOB’s spread on a 1oz gold bar was $100+! You can do way better on BullionStar, whether you’re buying as a stacker or investor.

I know a few old-timer collectors who’ve sold into this strength — they’re expecting a correction, or maybe just want to take profit after a very long run-up.

My Read: Why Gold Isn’t Topping Out Yet

Look, I’ve been through a few cycles, and every time gold runs hard, everyone asks: is this the top? I don’t think so.

• •Central bank demand isn’t slowing. Even with price up, the buyers are still there. You just don’t see big government entities chasing performance.
• •ETF flows are "less bad", not good. This is actually a weirdly bullish sign. Retail is cautious, but institutions aren’t dumping like in 2022-23.
• •Volatility is a symptom, not the cause. When you see these $100/oz swings, it’s usually paper traders moving the price, not stackers or investors. The physical market is stubborn — try finding a 1oz Britannia coin locally last week; every major dealer was wiped out.

If you’re stacking for the long term, the real indicator is physical supply. Spot price tells only half the story. I had three orders partially filled last month — shortages are real, even if the price is supposed to be “down”.

Silver’s Hot Run: Don’t Get Trapped

Silver is so emotional — that’s never going to change. I still own physical, but every big rally lures punters who get shaken out on the next $2 drop. If you’re in it for the long haul, ignore the noise. The gold:silver ratio (now around 78:1) is actually not extreme by historical standards, but it’s well off the 90s we saw in 2023. Silver’s industrial demand is strong, but don’t let anyone sell you visions of $100 silver lah — the market can stay crazy, but not that crazy.

Platinum: Still in the Doldrums

Not going to sugarcoat it — platinum’s weak. The auto industry isn’t bouncing as fast as people hoped. I do still nibble at platinum bars when the premium drops below 4% (rare, but check the specials page if you want a deal), but it’s not my primary buy. If you’re new, stick to gold or silver unless you really want to speculate.

What I’m Doing (For What It’s Worth)

Instead of big lump-sum buys, I’m spacing out my purchases. Bought 2g gold bars each week in April, and a small tube of Philharmonics when silver dipped back to $37. I keep some powder dry just in case we see another fast drop, but I don’t try to time the bottom anymore — did that in 2015 and ended up missing the best six months of that bull run.

If you’re nervous, remember Singapore’s storage options are world-class. I still use BullionStar’s vault storage — the fees are low, and I can collect or sell anytime.

Watch List: What Could Break or Boost Prices

• •US election cycle — November is a huge wild card this year
• •Another jump in Asian central bank buying
• •Physical supply issues (the delays are getting worse every year)
• •A surprise in inflation (up OR down), which could knock rates off their current path

If you see physical premiums spike, that’s your big warning that something is brewing under the surface. Not just noise — real demand, real scarcity.

Final Thoughts

I know everyone wants price predictions. The truth? No one knows — not even the "experts". What matters now: don’t get shaken out by volatility. If you’re buying physical, think in years, not weeks. Watch premiums and stock levels more than spot price alone.

Gold is still my core holding. Silver’s still the wild card, and platinum is, well, just for the patient. Take care — and don’t chase a $40 rally only to panic sell on the next $40 drop. The market’s wild, but that’s where the opportunity is.