Bullish on bullion

President Trump is poised to put tariffs on copper imports in the next few weeks, Bloomberg reported late Tuesday, far sooner than Wall Street expected (auto stocks know that feeling).

Copper future contracts rose to a record high on the news. The commodity has jumped a staggering 30% year to date, outpacing gold’s roughly 15% gain and silver’s 18% return over the same period.

But copper’s better-established big siblings are also shining brightly these days. Gold climbed to a record high of $3,069 per ounce today on the heels of escalating trade war tensions, while spot silver rose to $35.35 per ounce, its highest price since October 2024.

Metallic madness

The reason for gold’s glittering rally is pretty straightforward: When sh*t hits the fan, everyone flocks to the classic safe haven asset to protect their investments.

The onslaught of economic uncertainty will continue to be bullish for the world’s favorite hedge, according to the pros. So bullish, in fact, that Bank of America analysts upped their year-end gold forecast from $2,750 to $3,063 per ounce, and raised their 2026 forecast from $2,625 to $3,350. Goldman Sachs analysts also boosted their 2025 price target for gold from $3,100 to $3,300.

Silver is set to keep shining, too, as individuals and companies alike rush to import silver into the US to get ahead of the tariffs, while copper could keep rising for the same reason. And don’t forget that both silver and copper are also in demand for their role in building all sorts of tech, including some AI chips and solar panels.

If you’re not one for shiny jewelry

We get it—these gains are eye-catching, especially when the equity market is in a rut.

You don’t actually have to lug around physical metal to get these returns, or deal with trading on the complex commodities market.

Easy-to-trade exchange-traded funds offer direct exposure to commodities. The largest gold ETF is the iShares Gold Trust (GLD), and there are many funds that track silver and copper, too.—LB