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U.S. stocks posted solid gains, but trailed precious metals and international equities indexes.
AI, tariff turmoil and a weaker dollar helped shape the year’s returns, rewarding investors in hard assets over digital ones.
Demand from solar panels, data centers and EVs drove silver and copper to their best years in decades.
Close the books on 2025. The oldest money beat the newest as gold, adjusted for inflation, hit prices last seen during the Carter administration. Bitcoin, after doubling in 2024, slipped.
Silver surged 146%, leading all major asset classes. Platinum, palladium and gold claimed the next three spots. At the bottom: orange juice, down about 59%, erasing most of its gains in 2024.
What metal wasn’t precious in 2025? Data centers need miles of copper. Every solar panel requires silver. Both metals soared. Gold prices peaked as investors sought a balm for trade-war jitters and central banks stockpiled bullion. Energy prices held up early in the year despite bombs dropping in Ukraine and Middle East hotspots, then sank on fears of a glut.
The daily headlines made 2025 feel relentless. Yet the VIX, the market’s “fear gauge,” fell 16%. Wall Street shrugged.
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