Persistent tensions in Eastern Europe and the Middle East sustain the demand for safe-haven assets. However, the surge in oil prices raised concerns about inflationary pressures, pushing up inflation expectations and lifting Treasury yields, which could continue to weigh on gold.
Gold pays no interest or dividends, making its appeal highly sensitive to what investors can earn elsewhere. When real yields fall, gold becomes comparatively more attractive. The 10-year Treasury yield has dropped from 4.29% in early February to 4.06% as of early March, coinciding directly with gold pushing to new highs.
The current decline in silver prices is not merely a temporary correction, but a deeper repricing of market expectations regarding the path of U.S. interest rates, which remains the most influential factor in the short term for non-yielding assets.
Silver has experienced a remarkable bull market, more than quadrupling in value from around $30 (24.54) per ounce at the start of the year to an all-time high of $120.44 per ounce (28 grams) on Thursday (January 29). At the beginning of last year, the metal traded on COMEX the commodity division of the New York Mercantile Exchange (NYMEX) near $30 in January and hovered between $37 and $40 through the summer before breaking decisively higher.
Why it matters: Positive stock performance helps explain why so many free-market capitalists have signed onto something that seems more socialist than not. And why others will do so when given the opportunity. By the numbers: The White House appears to have agreed to equity deals with nine companies, most which are publicly traded. The public cohort saw their share prices climb an average of 85% between the time of announcement (or press leak, if earlier) and yesterday, per an Axios analysis.
COPX has returned roughly 154% over the trailing twelve months, reaching $95.70 as of February 27, 2026. The underlying commodity kept pace: LME copper prices climbed 33% year-over-year to $12,987 per metric ton as of January 2026, sitting at the 90th percentile of its historical range. Miners amplify commodity moves through operating leverage, and that amplification has driven the fund's outperformance relative to the underlying commodity over the period.
Last week, President Donald Trump announced that he had established a framework surrounding a deal over Greenland's future, one that guarantees the U.S. will be "involved" in the island's mineral rights. But despite easing tensions with NATO countries after months of increasingly hostile rhetoric over ownership of the Denmark-administered territory, Trump's shrinking pool of friends in Europe could foil his plan to extract the valuable minerals hidden under the ice.
Rare earths are rapidly evolving into a strategic asset class as nations strive to reduce reliance on China, which retains overwhelming dominance in mining and refining capacity. Driven by surging demand from critical industries and heightened government intervention, the market infrastructure is maturing to meet the challenge. A pivotal milestone in this evolution is the CME Group's plan to launch rare earth futures contracts.
Physical palladium ETFs occupy an unusual corner of the commodity market. Unlike gold or silver, palladium serves primarily industrial purposes, with roughly 80% of demand coming from automotive catalytic converters. abrdn Palladium ETF Trust (NYSEARCA:PALL) offers direct exposure to this metal through physical holdings, and after surging 92% over the past year to around $168, investors face a critical question: can this rally continue?
