Topline
Copper, gold and silver prices have climbed steadily this year as investors hedge against political instability and dollar weakness, and tightening supplies across major metals have added momentum to one of the strongest haven rallies in recent years, reports say.
TOPSHOT – Molten copper is prepared at the Canadian Copper Refinery (CCR), owned by Glencore, in Montreal, Canada, on July 17, 2025. US President Donald Trump announced on July 9 that a 50 percent tariff on US imports of copper, a key metal for green energy and other technologies, will take effect on August 1. (Photo by ANDREJ IVANOV / AFP) (Photo by ANDREJ IVANOV/AFP via Getty Images)
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Key Facts
This surge in price is likely due to AI data center buildouts and renewable energy projects tightening copper supplies typically used for electric vehicles and smartphones, per The Wall Street Journal.
Concerns that U.S. tariffs could disrupt copper shipments next year are also adding to the metal’s momentum, the Wall Street Journal reports.
Meanwhile, U.S. silver futures, which closed last year at $29.24/oz, hit $58.88/oz on Wednesday, marking a 101.4% surge, while gold has also surged by 60.7% year-to-date, per NYME.
Both gold and silver demand have climbed as investors seek hedges against political instability, driven by tariffs and the historic government shutdown that ended last month, as well as inflation and a weak dollar, according to Bloomberg.
Big Number
304,000 tons. That is the refined copper supply deficit projected for 2025, with even larger shortfalls expected next year, according to consultancy firm Wood Mackenzie, cited by the Financial Times.