When a national mint says investor activity is the highest it has ever seen across gold, silver and platinum, serious bullion buyers should pay attention. That’s exactly what happened in Q1 of The Royal Mint’s 2025–26 financial year, when online bullion transactions jumped 55% year-on-year and demand surged not only for gold, but also for silver and platinum.
For U.S. gold and silver investors, coin collectors and general bullion buyers, this spike in multi-metal investments is more than a UK headline. It’s a real-time case study in how investors around the world are responding to record gold prices, shifting inflation expectations and renewed interest in alternative stores of value.
Before we dive in, a quick note: nothing here is personal financial advice. Think of this as a well-informed briefing from a bullion industry friend—one who lives and breathes precious metals data.
TL;DR – Key Takeaways for Busy Investors
- The Royal Mint reports record online bullion activity, with investor transactions across gold, silver and platinum up 55% year-on-year in Q1 2025–26.
- Gold set five new all-time highs in pounds, peaking above £2,500 in April, prompting more investors to diversify into silver and platinum.
- Silver broke £27 per ounce in June—the highest level in more than a decade—while platinum sales at The Royal Mint jumped 188% versus the prior year.
- Digital bullion products (DigiGold-style offerings) saw explosive growth: Digital Silver +1,158%, Digital Platinum +798%, Digital Gold +103% year-on-year.
- Global data backs the trend: the World Gold Council reports record annual gold demand of roughly 4,975 tonnes in 2024, up 1% year-on-year, with investment demand jumping 25%.
- For investors, the message is clear: multi-metal investing is no longer niche—diversifying across gold, silver and platinum is becoming mainstream.
Why Multi-Metal Investments Are Surging in 2025
The Royal Mint’s latest figures capture a pivotal moment for multi-metal investments. In just one quarter:
- Overall online bullion transactions rose 55% year-on-year.
- Bullion coin revenues remained 115% higher than the same period a year earlier, despite a natural cooldown from a record Q4.
At the heart of this move is gold. Spot prices in sterling hit multiple records, topping £2,500 per ounce in April 2025, while in dollar terms gold logged a roughly 27% gain in 2024 and continued to see strong demand into 2025.
According to the World Gold Council, global gold demand (including over-the-counter trades) reached about 4,974 tonnes in 2024, the highest on record. Central banks alone bought more than 1,000 tonnes for the third straight year.
When gold breaks out to new highs like this, two things usually happen:
- New investors arrive, often starting with small bullion purchases.
- Existing investors rebalance, rotating profits into other precious metals that appear cheaper by comparison.
That’s exactly what The Royal Mint observed. Market Insights Manager Stuart O’Reilly described Q1 as “a remarkable evolution in UK precious metals investing,” noting that investors were actively rebalancing portfolios and “rotating into silver and platinum.”
Gold: The Anchor Metal in Multi-Metal Investments
Even in a multi-metal world, gold remains the anchor.
Why Gold Still Leads
Gold’s role as a monetary metal and crisis hedge is deeply entrenched:
- Central banks use gold to diversify away from fiat currencies.
- Long-term investors view gold as insurance against inflation, currency debasement and systemic risk.
- Gold’s deep liquidity—trillions of dollars of above-ground stock—makes it easier to enter and exit positions.
In 2024:
- Total gold demand rose 1% to a record, despite higher interest rates for much of the year.
- Investment demand (bars, coins, ETFs and OTC) climbed 25%, reaching a four-year high.
At The Royal Mint, the value of gold coins sold back from storage hit an all-time high, up 75% quarter-on-quarter and 55% year-on-year, showing that some investors locked in profits. Yet gold coin purchases still outnumbered sales by roughly 6:1, underscoring strong ongoing demand.
For U.S. investors, the lesson is familiar: gold is still the core holding. Multi-metal investors are not abandoning gold—they’re building around it.
Silver and Platinum: Fast Followers in Multi-Metal Investments
Silver’s Resurgence
Silver is often called “gold’s little brother,” and 2025 is reminding investors why.
At The Royal Mint:
- Silver sales jumped 51% year-on-year in Q1.
- Silver prices broke £27 per ounce in June, the highest in sterling terms since 2011.
Globally, silver has been on a hot streak. In mid-2025, prices in some markets surged to their highest levels since 2011, with spot silver around $39–$40 per ounce before pushing even higher later in the year.
By late 2025, silver even broke through the $50 barrier in key markets—exceeding its 2011 peak—driven by tight supply, industrial demand (solar, electronics, EVs) and a growing investor appetite for a more accessible alternative to gold.
Platinum’s Comeback
Platinum, long overshadowed by its precious metal cousins, is also staging a comeback. The Royal Mint reports:
- Platinum bullion sales up 188% versus Q1 the prior year.
This aligns with broader market data. The World Platinum Investment Council and several research firms expect multi-year supply deficits, as mine output and recycling struggle to keep up with automotive, industrial and investment demand.
One recent analysis forecasts platinum investment demand of roughly 688,000 ounces in 2025, marking a third consecutive year of net positive investment and reflecting growing recognition that the metal may be undervalued after a prolonged bear market.
In short, investors aren’t just stacking more gold—they’re using silver and platinum to broaden their inflation hedge and industrial exposure.
Physical Bullion vs Digital Bullion: Two Paths to the Same Metals
One of the most striking parts of The Royal Mint data is the surge in digital bullion:
- Digital Gold sales up 103% year-on-year.
- Digital Platinum up 798%.
- Digital Silver up a staggering 1,158% versus Q1 2024.
These DigiGold-style products generally allow investors to:
- Buy fractional ownership of large bars stored in professional vaults.
- Trade electronically, often 24/7, with smaller minimums than whole coins or bars.
- Avoid certain local taxes that might apply to specific physical formats (depending on jurisdiction).
Pros and Cons at a Glance
| Feature | Physical Bullion Coins/Bars | Digital Bullion (e.g., DigiGold) |
|---|---|---|
| Tangible ownership | Yes – you can hold it | No – title recorded electronically |
| Storage responsibility | You or your chosen vault provider | Provider’s insured vaults |
| Minimum purchase size | Typically 1 oz coins or small bars | Often very small fractions |
| Liquidity | Dealer network, sometimes slower to sell | Platform-based, often near-instant transfers |
| Counterparty risk | Low if self-stored; higher if vaulted | Depends on platform solvency & regulation |
| Emotional factor | “Feel-good” ownership, collector appeal | Purely financial, no physical interaction |
For many modern investors, especially younger or digitally native buyers, digital bullion is a convenient on-ramp to multi-metal investments. For others, nothing replaces the peace of mind of holding a 1 oz coin in the palm of your hand.
What This Means for U.S. Gold, Silver and Platinum Investors
Although the Royal Mint data is UK-specific, the underlying drivers are global:
- Record gold demand and new price highs worldwide.
- Silver’s move to decade-plus highs, supported by structural deficits and industrial demand.
- Platinum’s swing from oversupply to persistent deficits, with investor demand turning positive.
For U.S.-based bullion buyers, a few practical implications:
- Diversification Across Metals
- Relying solely on gold may leave opportunities on the table. Silver and platinum can amplify upside—but also volatility.
- Flexibility in Format
- You don’t have to choose between coins or digital. Many investors use a mix: core holdings in physical coins/bars, trading exposure via digital products or ETFs.
- Tax, Storage and Liquidity Planning
- U.S. tax rules differ from the UK—Capital Gains Tax thresholds, state sales tax on bullion, and IRA eligibility all matter. Always confirm with a tax professional.
Risks and Considerations in Multi-Metal Strategies
Every opportunity comes with trade-offs. Key risks include:
- Price Volatility – Silver and platinum are historically more volatile than gold; gains can be larger, but so can drawdowns.
- Correlation Shifts – Metals don’t always move in lockstep. During some periods, industrial slowdown can hurt platinum and silver even if gold rises.
- Platform and Counterparty Risk – Digital bullion introduces dependence on custodians and online platforms.
- Regulatory and Tax Risk – Changes in tax treatment, reporting requirements or import duties can impact net returns.
- Liquidity Gaps in Niche Products – Some platinum coins or specialty products may be harder to sell quickly at fair prices.
As always with Your Money or Your Life (YMYL) topics, aligning any strategy with your personal financial plan, time horizon and risk tolerance is critical.
A Simple Framework for Building a Multi-Metal Portfolio
This is not a recommendation, just a way to think about structure:
- Define Your Core – Many investors anchor with gold, perhaps 50–70% of their total precious metals exposure.
- Add Tactical Silver – Silver might make up 20–40%, providing more torque to inflation and industrial demand.
- Include a Platinum Sleeve – A smaller 5–15% allocation can capture potential upside from supply deficits and recovering demand.
- Blend Physical and Digital –
- Physical coins/bars for long-term wealth preservation and privacy.
- Digital bullion or ETFs for liquidity and ease of rebalancing.
Revisit allocations at least annually, or when major life events or market moves occur. Consider working with a fiduciary advisor who understands commodities if you’re allocating substantial capital.
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FAQ: Multi-Metal Investments in 2025
1. Why are investors suddenly interested in multiple metals instead of just gold?
Because gold has hit repeated record highs, some investors are using profits to diversify into silver and platinum, which still look relatively cheaper and offer additional industrial demand exposure. Royal Mint data and global demand trends both confirm this broadening interest.
2. Is silver a better buy than gold right now?
“Better” depends on your goals. Silver has outpaced gold at times in 2025 and recently hit its highest levels in more than a decade, even breaking past $50/oz in some markets.
However, it’s also more volatile. Many investors hold both, using gold as the anchor and silver as the higher-beta satellite.
3. What’s driving the renewed interest in platinum?
Platinum spent years undervalued versus gold and palladium, but recent supply deficits, constrained mine output and growing investment demand have changed sentiment. Forecasts call for continued market deficits and net positive investment demand through at least the mid-2020s.
4. Are digital bullion products safe?
Reputable digital bullion platforms typically use segregated, insured vault storage and independent audits, but they still introduce platform and counterparty risk. Do due diligence on ownership structure, custody arrangements, regulation and audit frequency, and never invest more than you’re comfortable holding through a third party.
5. Can I hold gold, silver and platinum in a retirement account?
In the U.S., many self-directed IRAs allow approved forms of gold, silver, platinum and palladium bullion, subject to strict purity and storage rules. Always confirm eligibility with your IRA custodian and consult a tax professional before making retirement-account decisions.
Conclusion: Multi-Metal Investing Is Moving Mainstream
The Royal Mint’s record-breaking quarter is more than a local UK success story; it’s a snapshot of a broader global shift toward multi-metal investments. Investors are no longer content to own just gold—they’re increasingly blending gold, silver and platinum, and using both physical and digital formats to do it.
For gold and silver investors in the U.S., coin collectors and bullion buyers of all experience levels, the takeaway is simple:
- Keep gold as your core store of value.
- Recognize the growing role of silver and platinum as complementary metals.
- Choose formats—coins, bars, digital—that match your liquidity, storage and tax needs.
If you’re ready to explore a more diversified precious metals strategy, your next step might be to review your current holdings, identify gaps across metals and formats, and speak with a qualified advisor about how a balanced multi-metal approach could fit into your broader financial plan.