Spot Prices · All Metals
Troy oz · USD · Quotes delayed up to 5 minutesThe foundational view of the precious metals market: gold, silver, platinum, and palladium spot prices plotted across time, displayed on a logarithmic scale so that proportional movements are visually comparable across metals trading at very different absolute price levels. This is the chart most users open first when they want to understand the precious metals tape, and it’s the chart most often referenced in client conversations as a starting point. The log scale matters: it reveals that the long-term shape of these markets is exponential, not linear, and that what looks like a recent acceleration in gold is in fact consistent with multi-decade compounding patterns.
Analyst's Note
On linear scale, the most recent leg of gold’s ascent dwarfs the entire 1970–2010 history and produces a hockey-stick distortion. On log scale, the post-2001 leg appears as a roughly linear progression — meaning the compound annual growth rate has been remarkably stable. That stability is the analytical insight: the precious metals complex is not in a bubble; it is following a long-running monetary debasement curve. For the analytical investor, the question this chart raises is whether the current pace of CAGR is consistent with the underlying monetary expansion (visible on the M2 chart) or whether one is accelerating ahead of the other — a divergence that historically resolves through reversion.