Hot trades like AI steal the show in markets most days, but if you want to see really stunning gains, check out what's going on in metals this year.
It's not just precious metals. Sure, gold has soared all year, and more recently, silver has touched its first record since 1980. But less flashy investments like mining stocks are on a tear.
A lot of it has to do with economic uncertainty and volatility. For gold, the "debasement trade" has lifted prices as investors fear mounting public debts and a new bout of inflation.
Public mining companies, meanwhile, have been at the center of a global struggle to secure mission-critical supply chains.
Here is everything that's helped make metals one of the top trades of 2025.
Precious metals
The combo of economic anxiety and fears about everything from mounting government debt to geopolitics has boosted the price of gold this year.
The metal is up 57% in 2025, blowing past $4,000 an ounce in the last week, and it shows no sign of slowing down. Year-to-date, it's beating the S&P 500 and bitcoin, its digital rival.
Gold bulls see the rally lasting through 2026, with some extreme forecasts pegging the price of the precious metal at $10,000 by 2030.
"Our bullishness is supported by the 'Gold Put,' provided by central banks that are increasing the percentage of their international reserves in gold," market veteran Ed Yardeni wrote in September.
Others see the rapid accumulation of government debt as the big selling point for gold, as government around the world borrow more and more and inflate the value of their currencies away. Ray Dalio is perhaps the biggest proponent of this part of the debasement trade. The investing legend thinks investors should have 15% of their money in gold.
While the dynamics around the latest all-time high in silver prices are a bit different, it's another argument for investors to be long metals in 2025. On Tuesday, Silver futures reached $53.55 per ounce in London as a short squeeze sent prices soaring to their first record in 45 years.
Metal and mining stocks
Meanwhile, the less flashy cousins of gold and silver are having a huge year as well. Here are the notable moves in shares of some metal and mining companies:
- MP Materials + 479% YTD
- Lithium Americas +222% YTD
- Critical Metals +257% YTD
While the Trump Administration made waves with its involvement with Big Tech firms like Nvidia and Intel, it's interest in US mining companies has been a more under-the-radar story this year.
The move up in mining shares is being driven by a surge of interest in rare earth materials from the administration, which has taken equity stakes in several companies already and has been reportedly eyeing others. Australian mining company Nova Minerals has been in focus recently as Trump prepares for an October 20 meeting with the nation's Prime Minister.
The White House has said its goal is to strengthen the US domestic supply chain and diversify away from China. These metals are key components for many industries, including electronics, cars, and AI hardware.
This week provided yet another catalyst, however.
JPMorgan CEO Jamie Dimon highlighted critical minerals mining and processing as part of the bank's Security and Resiliency Initiative that will see the bank direct and facilitate $1.5 trillion of investment into industries critical to US security.
"It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing — all of which are essential for our national security," Dimon stated.
Dimon's perspective is similar to Trump's, who has repeatedly stated the US needs to lessen its dependence on imports from China, which accounts for roughly 70% of the country's rare earth imports.
