Metal mania

You’re never going to believe it, but gold, silver, and copper just hit new all-time highs. Again.

Commodities are usually the forgotten pieces of the portfolio puzzle, lurking behind stocks and bonds, just there to provide some stability without much fanfare. But 2025 has been the year of commodities, and it’s worth taking a look at what drove record runs for gold, silver, and copper—and if their hot streak can continue next year.

Gold

Gold had a blockbuster 2025, rising about 73% YTD on the back of relentless safe-haven demand.

The metal benefited from persistent geopolitical uncertainty surrounding President Trump’s second term, repeated shifts in tariff policy, and rising global tensions, all of which sent investors scurrying for portfolio protection. Strong ETF inflows, heavy buying from central banks, falling yields, and a weakening dollar added further support. Even brief pullbacks after strong US jobs data couldn’t derail the rally.

Analysts expect gold’s impressive run to continue over the next two years, with JPMorgan forecasting an average price of $4,753 in 2026 and a surge to $5,400 by late 2027. Goldman Sachs similarly projects gold rising about 14% to $4,900 by December 2026, citing sustained central-bank buying, Fed rate-cut support, and growing diversification by private investors.

Silver

Silver was 2025’s standout performer, far outpacing gold with a roughly 145% YTD surge and hitting multiple record highs along the way. The rally reflected both tightening supply and powerful waves of demand from consumers and industry alike.

A large chunk of that demand came from India, the world’s largest silver consumer. India uses around 4,000 metric tons annually for jewelry, utensils, and ornaments—and seasonal buying ahead of Diwali, the country’s biggest holiday, helped spur on a historic squeeze in silver inventories earlier this year. That shot prices into the stratosphere, and while the pop was short-lived, analysts expect silver to continue seeing powerful growth from renewable and high-tech applications, especially for solar power.

Peter Krauth of Silver Stock Investor and Silver Advisor sees $50 as a new floor for the metal, and offers a “conservative” forecast of silver reaching the $70 range in 2026. More aggressive projections call for silver to climb as high as $97.85 by late 2026.

Copper

Copper also notched plenty of record highs in 2025, rising nearly 38% this year and climbing above $12,000 per ton for the first time ever today.

Traders have been accelerating purchases on concerns that Washington may impose duties on refined copper imports starting in 2027, prompting a wave of front-loaded buying. As a result, refined copper inflows into the US have surged by roughly 650,000 tons this year, swelling domestic inventories to around 750,000 tons.

Analysts see even more upside ahead. Citi forecasts copper prices could soar to $13,000 per ton in early 2026 and up to $15,000 by Q2, driven by surging demand from electrification, grid upgrades, data-center expansion, and tightening supply.—SY