Base metals prices rallied on global market optimism and reports of increased Chinese bond sales. The LMEX Index, despite being down 8% this quarter due to concerns about Chinese demand, saw gains across nickel, zinc, aluminum, and copper. China’s potential record 3 trillion yuan special treasury bond issuance for 2025 aims to stimulate its slowing economy. Meanwhile, positive US economic data has rekindled hopes for Federal Reserve easing, further supporting commodity prices.

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Gold Up 21%, Silver 25% as AI and Inflation Risks Build
Gold and silver prices in 2026 continue to outperform stocks. Gold is up 21% year-to-date, silver 25%, while the S&P 500 is flat. As AI volatility rises and inflation risks build, capital is rotating toward tangible assets and hard commodities.




