The year 2025 has been historic for precious metals. Gold has set another record, reaching $3,753 per ounce, while silver climbed to $44.10, a level not seen since 2011. Analysts at Citigroup believe the rally is far from over — with copper and aluminum expected to join the surge in the coming months.
According to Citi strategist Maximilian Layton, several factors will drive metals higher:
- anticipated Federal Reserve leadership changes and a more dovish policy outlook in 2026,
- a weaker U.S. dollar and rising inflation expectations,
- structural demand from AI, data centers, robotics, and the global energy transition.
Citi forecasts:
- gold may reach $3,800 within the next three months, with a potential bull case of $4,000 under stagflation;
- silver could retest its all-time high of $48.70;
- aluminum is seen as a “long-term buying opportunity,” supported by China’s capacity caps and surging demand from technology sectors;
- copper could rise to $12,000 per ton over the next year in the base case, and up to $14,000 in a bull scenario.
Experts note that the metals market is benefiting from both cyclical drivers (weak labor market, tariff-related growth risks, slowing economies) and structural forces (energy transition, U.S. debt concerns, investment in emerging technologies).
Gold and silver remain at the forefront of the bull market, but investor attention is increasingly shifting to copper and aluminum. For hedge funds, institutions, and retail investors alike, this signals a need to diversify into both precious and industrial metals — assets that are becoming essential in the new global economy.
