As the year 2025 closed, the metals market witnessed a remarkable surge, catching the attention of investors like 45-year-old Jeremy Cerza, despite his limited market experience.
Gold and silver emerged as top performers, with retail investors like Cerza considering significant shifts in their portfolios. If the S&P 500 were to drop over 1% for five consecutive days, Cerza plans to pivot $20,000 from US stocks into precious metals.
Cerza’s skepticism about the Trump administration and the US economy further bolsters his resolve despite concerns of a potential bubble. “There’s too much volatility in US markets currently, in my opinion,” he remarked, especially with President Trump’s rhetoric about Greenland.
Throughout 2025, a growing number of investors shared Cerza’s apprehensions, increasingly turning to gold and silver as conversations about inflation, tariffs, and economic strength became prevalent. The term “Sell America” gained traction, reflecting a sentiment shift.
As the year progressed, the movement to invest in metals intensified, driven by a fear-of-missing-out (FOMO) mentality, leading to a rally that surprised many and sparked fears of a bubble. Gold experienced its best performance since 1979, soaring 73% since early 2025.
Silver outshone gold with a 194% increase since January 2025, marking its best annual gains in decades.
Retail investors, on average, directed a net $15 million daily into gold and $7 million into silver investments last year, according to VandaTrack Research.
The online buzz around gold and silver was palpable. SwaggyStocks, an analytics platform, reported that the SPDR Gold Shares ETF ranked third in discussions on r/WallStreetBets, while the iShares Silver Trust ETF was among the top 20.
Investor Bilaal Dhalech began accumulating gold and silver during the pandemic, increasing his holdings to combat inflation and “excessive money printing.” He holds about $10,000 in physical metals and $11,000 in gold ETFs, with the latter appreciating by 30%.
“I was shocked to see a conservative investment like gold and silver explode. Almost like meme coins,” Dhalech said, reflecting on the 2025 market surge. “It’s scary to see this much enthusiasm.”
Jesse Gaddis, with ties to the precious metals sector, started investing in metals during the pandemic upon a client’s advice, holding about $20,000 in physical metals and $15,000 in ETFs.
“I’ll be thinking about The Apprentice episode where I was like, ‘Damn, I could have had it at $400,'” Gaddis recalled, noting the FOMO that accompanies the metals’ rise.
New York-based Bullion Exchanges reports a doubling of its clientele in 2025, with consistent lines forming at its Diamond District outlet. CEO Eric Gozenput mentioned, “It’s been the wild, wild West the last three months,” though limited capacity and metal shortages restrained potential growth.
Sell America and FOMO
The metals craze has dual motivations. Some investors respond to influential gold advocates and the growing threats of tariffs and inflation. Gozenput noted the awareness of the debasement trade trend among his clientele.
Meanwhile, the “Sell America” sentiment fuels FOMO as metals attain meme stock-like rallies. Gozenput added, “I would say it’s a combination of both people have FOMO as well as realizing they’re not properly insured with their financial future and investments if they have zero physical precious metals exposure.”
Commodities expert Jeffrey Christian attributes much of the metals’ rally to “Sell America,” with the Fed’s rate cut signals amplifying speculative trades by summer’s end.
Despite concerns of an overextended rally, Christian forecasts potential corrections, with gold possibly dropping 9% and silver 31% as excitement subsides. Dhalech anticipates a 10% correction but remains optimistic.
This past week, Gaddis liquidated half of his silver and gold ETFs, taking profits amid market uncertainty, though he acknowledges the challenges of offloading physical metals.
