Silver Rises Over 120% YTD 
The commodities landscape in 2025 is being reshaped by multiple forces, with copper and gold emerging as standout performers.
Copper’s outlook is particularly strong due to its crucial role in the green energy transition, especially in batteries and motors, while supply remains constrained. The Cobre Panama mine’s uncertain reopening adds to supply concerns, with analysts projecting significant deficits through 2027.
Meanwhile, gold’s exceptional performance in 2024 is expected to continue into 2025, driven by a structural market shift. Traditional price drivers like U.S. dollar weakness and real yields are being overshadowed by fiscal deficit concerns, increased central bank purchases, and geopolitical tensions. The uncertainty surrounding U.S. policy decisions, particularly regarding tariffs, could further boost gold’s appeal as a safe-haven asset.
