From Gold to Silver and Copper: Metal ETFs Surge in 2025

By mid-December 2025, metal-linked ETPs have emerged as one of the strongest-performing segments of the European ETF and ETC market. Precious metals are firmly in a bull phase, while copper continues to benefit from structural supply deficits tied to electrification and energy transition themes. Over both the past week and the year to date, investor flows and performance data point to sustained institutional demand, particularly for physically backed products and mining equity exposure.

Gold: Central Banks, Rate Cuts and ETF Demand Drive Persistent Strength

Gold remains the anchor of the precious metals complex. Prices are trading just below all-time highs after a powerful rally that has lifted the metal by roughly 47–60% year to date, placing 2025 on track to be its strongest year since 1979. The macro backdrop remains highly supportive: central banks continue to diversify reserves, real yields have softened following the Federal Reserve’s third rate cut of the year, and geopolitical risks remain elevated.

This environment has translated directly into strong demand for European gold ETPs. The iShares Physical Gold ETC (IGLN), the largest gold ETC in Europe with nearly $29bn in assets, gained 1.6% over the past week and is up 46.7% year to date, attracting more than $4bn of inflows in 2025 alone. Gold mining exposure has amplified those gains. The VanEck Gold Miners UCITS ETF (GDX) advanced 4.6% last week and has more than doubled (+123%) year to date, reflecting both higher bullion prices and improving margins across the mining sector, despite some profit-taking flows in recent weeks.

Silver: The Standout Metal of 2025

Silver has clearly outperformed the broader metals complex in 2025. Prices reached new record highs above $60 per ounce in December, driven by persistent physical deficits, strong industrial demand from solar and data centres, and silver’s inclusion on the US critical minerals list. While short-term volatility has increased, the structural story remains compelling.

European silver ETPs have seen some of the strongest weekly and annual gains across all commodity products. The iShares Physical Silver ETC (ISLN) rose just over 10% last week and is up 96% year to date, with nearly $1bn of net inflows in 2025. The WisdomTree Physical Silver ETC (PHAG) shows a similar profile, delivering ~10% weekly gains and ~96% year-to-date performance, confirming silver’s status as the highest-beta play within precious metals.

Equity exposure has pushed returns even further. The Global X Silver Miners UCITS ETF (SLVR) gained 7.7% over the week and has surged 132% year to date, supported by both rising spot prices and renewed investor appetite for leveraged exposure to silver’s upside.

Platinum and Palladium: Diverging Paths Within PGMs

Platinum has staged a notable comeback in 2025, trading at its highest levels in more than a decade after gaining close to 70% year to date. Supply constraints and expectations of a third consecutive annual market deficit have underpinned prices, even as analysts look for some consolidation in 2026.

This strength is visible in European platinum ETPs. The WisdomTree Physical Platinum ETC (PHPT) and iShares Physical Platinum ETC (IPLT) both rose nearly 7% last week and are up around 70% year to date, reflecting renewed investor confidence in platinum’s tightening fundamentals.

Palladium, by contrast, has delivered strong gains this year but remains well below historical peaks. European palladium ETPs such as the WisdomTree Physical Palladium ETC (PHPD) have returned around 48% year to date, with more modest weekly gains. Longer term, demand uncertainty linked to the shift toward electric vehicles continues to temper enthusiasm, even as short-term supply dynamics remain supportive.

Copper: Structural Bull Market Meets Short-Term Volatility

Copper remains one of the most strategically important metals for the energy transition. Prices are up nearly 30% in 2025, driven by supply constraints and long-term demand from electrification, renewables, and defence. Mining equities have responded strongly, with global copper miners' indices up more than 50% year to date.

That said, copper ETPs experienced some short-term pressure last week following weaker-than-expected economic data from China. The WisdomTree Copper ETC (COPA) was broadly flat on the week and is up 17% year to date, while flows turned slightly negative. This contrast highlights copper’s sensitivity to near-term macro signals, even as its structural bull case into 2026 remains widely supported by banks and industry forecasts.

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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.