Commodity cycles rarely move together. Leadership shifts in phases, and the baton now appears to be passing from precious metals to industrial commodities.
Gold and Silver dominated the first leg of the rally. Gold delivered returns of more than 60%, while Silver surged an extraordinary 148% in CY2025 alone. But as the precious metals rally matures, market attention is increasingly turning toward commodity metals, where a mix of structural supply shortages, geopolitical disruptions and booming demand is creating conditions for the next major upcycle.
