CryptoScope _EG

Metals update: Precious still leading
This chart makes it very clear that precious metals continue to materially outperform industrial metals.
Silver, Platinum, Palladium and Gold are all well ahead of Copper, Nickel, Aluminium and Zinc.
That leadership tells us something important.
When precious metals outperform, it usually reflects an environment of uncertainty, capital preservation, and risk hedging, rather than confidence in broad economic expansion.
Right now, that fits the backdrop.
We are still dealing with:
• Slowing and uneven global growth
• Sticky inflation pressures in parts of the developed world
• Ongoing geopolitical instability (Middle East tensions, Ukraine, shipping disruptions)
• Fragile supply chains
• Elevated government debt levels and fiscal stress
• Tight financial conditions despite expectations of future easing
Economic growth projections remain muted, and capital is still gravitating toward assets perceived as monetary hedges rather than pure growth inputs.
That is why Gold and Silver continue to lead.
What happens next likely depends on how several major variables resolve over the coming months:
• US fiscal policy direction
• Monetary policy shifts as the new Fed Chair takes over in May
• Broader geopolitical developments, including Trump’s Greenland bid and the escalation with Iran
• Whether stimulus and infrastructure spending meaningfully accelerate global growth
If uncertainty persists, precious metals are likely to remain in front.
If confidence improves and growth expectations reaccelerate, that is when we would expect to see rotation into industrial metals, with Copper typically leading that next phase.
Same cycle. Different stages.
For now, the market is still voting for safety over growth.