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The metals sector covers the extraction, production, and trading of precious metals (gold, silver, platinum) and industrial metals (copper, aluminum, nickel, etc.). It is highly influenced by geopolitical tensions, global monetary policy, economic cycles, and industrial demand, particularly for green technologies and infrastructure projects.
Gold and silver surging: Gold reached a new record of $4,380 per ounce, supported by U.S.-China trade tensions, U.S. credit risks, and expectations of further Fed rate cuts. Gold is up over 65% year-to-date, while silver has jumped more than 80%, surpassing $54 per ounce.
Industrial metals slightly down: Copper prices have edged lower due to trade tensions and U.S. political uncertainty. Three-month copper on the London Metal Exchange (LME) closed at $10,647 per ton.
Long-term demand: Investments in data centers, electrical infrastructure, and the energy transition support sustained demand for copper and other industrial metals.
If the U.S. had maintained the gold standard under today’s monetary conditions, one ounce of gold would be worth approximately $31,500. This highlights the extent of the dollar’s depreciation and reinforces gold’s role as a store of value and hedge against inflation.
Summary Opinion: Buy / Hold with conviction. Gold and silver provide protection against economic and geopolitical risks, while industrial metals offer long-term growth potential tied to technological and infrastructure investments.
Why invest?
Gold and silver as safe-haven assets: Protection against financial volatility and geopolitical tensions.
Upside potential in industrial metals: Driven by energy transition, construction, and advanced technologies.
Portfolio diversification: Exposure to both precious and industrial metals reduces overall risk.
Favorable structural trends: Long-term demand from infrastructure and data center investments.
Risks to monitor:
Short-term volatility due to trade tensions and monetary policy;
Currency fluctuations affecting dollar-denominated prices;
Production risks and environmental regulations in producing countries.
Tactical positioning:
Horizon: Medium to long term (6–24 months);
Allocation: Focus on global leaders in gold, silver, and copper, including specialized funds or ETFs for risk diversification.
Knowledge is power.
