Precious metals, primarily gold, silver, and platinum, occupy a central place in global financial markets. They serve simultaneously as stores of value, alternative monetary assets, and hedging instruments against inflation, currency debasement, and financial instability. Industrial metals, such as copper, play a critical role in the real economy, as they are essential to electrification, infrastructure development, renewable energy, and the broader energy transition.
During periods of macroeconomic stress, declining confidence in currencies, or heightened geopolitical tensions, these metals become strategic assets for both institutional and retail investors.
🌍 Current economic environment
🟡 Precious metals: A historic surge
The precious metals market is currently experiencing an exceptional phase of euphoria:
- Gold has reached a new all-time high at USD 4,967 per ounce, approaching the symbolic USD 5,000 threshold. Since the beginning of 2026, the yellow metal has delivered a strong +15% performance.
- This momentum is driven by waning investor confidence in U.S. assets, combined with a weaker U.S. dollar, which mechanically boosts the appeal of USD-denominated metals.
- Major investment banks are revising their forecasts upward: Goldman Sachs now targets USD 5,400 per ounce by year-end, signaling a potential long-term regime shift.
Silver is significantly outperforming:
- Physical silver is trading around USD 98.62 per ounce, just shy of the USD 100 mark.
- It has surged +38% since January 1, 2026, supported by both its safe-haven status and its heavy industrial usage (electronics, solar energy).
Platinum is also participating in the rally:
- It has reached a record high of USD 2,691 per ounce, up +27% in 2026.
- Its scarcity and industrial applications (automotive, hydrogen, catalysis) enhance its appeal in the context of the energy transition.
🔩 Copper: supply under pressure
Copper remains firmly upward-oriented, trading around USD 12,921 per tonne in London.
This trend is supported by:
- Supply disruptions, notably a strike at the Mantoverde mine in Chile, one of the world’s leading copper-producing countries.
- Strong structural demand linked to electrification, power grids, and electric vehicles.
👉 Copper continues to confirm its role as a barometer of industrial growth and the energy transition.
📈 Investment recommendation — Why invest in metals today?
✅ 1. Protection Against Macroeconomic Risks
The surge in precious metals reflects:
- Growing distrust toward the U.S. dollar and U.S. assets.
- Concerns over the sustainability of fiscal and monetary policies.
👉 Gold and silver act as natural hedges against financial instability.
✅ 2. Strong Bullish Momentum
Successive record highs, upward revisions of price targets by major banks, and broad participation across multiple metals confirm a robust and wide-based bullish cycle, rather than an isolated speculative move.
✅ 3. Diversification and Favorable Asymmetry
Metals offer:
- Low correlation with equity markets.
- Attractive asymmetry in stress periods, where upside potential outweighs downside risk in the short to medium term.
⚠️ Points of Caution
- Elevated price levels may lead to short-term consolidation phases.
- Silver and platinum remain more volatile than gold.
- Copper remains sensitive to the global economic cycle.
👉 Investment Conclusion
Metals, especially gold and silver, currently stand out as strategic portfolio pillars, while copper provides structural exposure to the energy transition. A gradual and diversified allocation (ETFs, physical metals, mining equities) is preferred.