When markets become unstable, investors traditionally turn to metals. But today, interest in gold, silver, and copper is not just a “defensive reaction” — it’s a deliberate investment strategy. These assets are increasingly viewed as part of a balanced portfolio alongside U.S. stocks. Let’s look at how metals have performed in recent years, what analysts expect going forward, and how you can invest in them through securities.
How metals have performed in recent years
Over the past 5–6 years, the metals market has shown steady growth, which in many cases has been comparable to returns in the U.S. stock market.
Gold
From 2020 to early 2026, the price of gold rose by roughly 85–90%. Over the last two years alone, the increase was about +35–40%. For an asset known as a “safe haven,” that’s a strong result. Gold performed especially well during periods of high inflation and market uncertainty.
Silver
Silver is more volatile, but it also has higher potential. Over the same period, its price rose by more than 110–120%. In some years, silver delivered double-digit returns, outperforming many stocks. This makes it an attractive tool for investors who can tolerate swings in exchange for growth.
Copper
Copper has risen by roughly 70–80% over the last 5–6 years, and by more than 40% since 2023. The main driver is growing demand from energy, infrastructure, electric vehicles, and data centers. It’s no surprise copper is often called the “metal of the future economy.”
Gold
From 2020 to early 2026, the price of gold rose by roughly 85–90%. Over the last two years alone, the increase was about +35–40%. For an asset known as a “safe haven,” that’s a strong result. Gold performed especially well during periods of high inflation and market uncertainty.
Silver
Silver is more volatile, but it also has higher potential. Over the same period, its price rose by more than 110–120%. In some years, silver delivered double-digit returns, outperforming many stocks. This makes it an attractive tool for investors who can tolerate swings in exchange for growth.
Copper
Copper has risen by roughly 70–80% over the last 5–6 years, and by more than 40% since 2023. The main driver is growing demand from energy, infrastructure, electric vehicles, and data centers. It’s no surprise copper is often called the “metal of the future economy.”
Factors that affect price dynamics
- Inflation and interest rates: A low (or falling) policy rate makes holding capital in metals more attractive compared to bonds. According to RBC, in 2025 gold and silver prices were supported by falling interest rates and a weaker dollar. Russia’s Deputy Finance Minister A. Moiseev noted that threats to the Fed’s independence reduce trust in the dollar and stimulate gold prices. When inflation rises, metals are traditionally seen as protection for purchasing power.
- Geopolitics and crisis events: In periods of uncertainty, demand for “safe havens” increases. For example, in early 2026, amid protests in Iran and escalating U.S. rhetoric toward Iran, gold and silver prices jumped sharply. Prices also rose due to tensions between the U.S. President and the Fed Chair (the case involving the Fed headquarters renovation) — historically, gold has tended to rise during political shocks. Wars, sanctions, and internal conflicts often drive flows into metals as a reliable refuge.
- Industrial demand: Unlike gold, silver and copper are widely used in industry. Silver is in demand in electronics and “green” technologies (solar panels, data centers), so shortages support its price. Copper is a key industrial metal (wiring, EVs, construction). In 2025, analysts noted growing fears of a copper supply deficit (due to downtime at major mines) and optimism around the transition to green energy — both pushed prices higher.
- Other factors: Central banks expanding their reserves (“central bank gold buying”), as well as rising volatility in stocks and cryptocurrencies, also contributed to attracting capital into precious metals.
During major stock sell-offs, precious metals often strengthen. For example, SPDR research found that during weighted periods of large market drawdowns (over 15%), gold delivered an average of +7.2%, while the S&P 500 fell nearly -23.5%.
Why analysts remain positive on metals
Interest in metals today is supported not only by past gains but also by future expectations. Most international analysts agree that metals remain attractive in the medium and long term.
Overall, the consensus can be summed up like this: metals remain in a long-term upward trend, even though short-term pullbacks are inevitable.
- Gold remains the key defensive asset amid high U.S. government debt, potential volatility in interest rates, and geopolitical risks. Many analysts believe that even after its rise, gold does not look overheated — especially if real rates decline.
- Silver benefits from its dual nature: it’s both a defensive asset and an industrial metal. Demand from solar energy, electronics, and AI infrastructure is expected to support the market in 2026.
- Copper is often called the “barometer of the global economy.” Forecasts are generally positive: analysts expect a supply deficit amid steady demand from infrastructure projects and the U.S. energy transition.
Overall, the consensus can be summed up like this: metals remain in a long-term upward trend, even though short-term pullbacks are inevitable.
How to invest in metals through securities
Today, an investor doesn’t have to buy physical metal. There are several convenient and liquid options:
This approach makes it easy to integrate metals into an investment portfolio alongside U.S. stocks and bonds.
- Metal ETFs: The most popular “paper gold” instrument is SPDR Gold Shares (ticker GLD), the world’s largest physically backed gold fund. For silver, the equivalent is iShares Silver Trust (SLV). These funds track the metal price in real time, and their shares trade like regular stocks.
- ETFs and funds focused on mining companies: Another approach is to buy shares of mining companies or specialized ETFs. For example, VanEck Gold Miners (GDX) and VanEck Junior Gold Miners (GDXJ) invest in large and promising gold-mining firms. For silver, there are Global X Silver Miners (SIL) and iShares Silver Miners (SLVP). These funds can offer returns above the metal’s price (thanks to operating profits), but volatility is also higher.
- Broad commodity ETFs: These provide diversification across several metals and reduce dependence on any single asset.
This approach makes it easy to integrate metals into an investment portfolio alongside U.S. stocks and bonds.
Metals vs. stocks: no need to choose
Metals don’t compete with stocks — they complement them. Stocks provide growth; metals provide stability. During optimistic markets, metals may lag, but in periods of turbulence they often help smooth portfolio drawdowns.
That’s why more and more investors view gold, silver, and copper as a strategic component of long-term investing, especially with a horizon of 1 year or more.
That’s why more and more investors view gold, silver, and copper as a strategic component of long-term investing, especially with a horizon of 1 year or more.
Conclusion
Investing in metals today isn’t a bet on fear — it’s a measured decision. Gold reduces risk, silver adds upside potential, and copper provides exposure to key U.S. economic trends. In 2026, metals may become the element that makes a portfolio more resilient, balanced, and prepared for any market scenario.
HOW TO INVEST?
Open a free brokerage account with Unibank Invest and start investing. The Unibank Invest app provides access to the world’s largest stock exchanges, enabling you to purchase international investment instruments, such as stocks, bonds, and ETFs.
To open a brokerage account, fill out the online application or call +374 43 004 382.
To open a brokerage account, fill out the online application or call +374 43 004 382.