Beyond gold: Why copper, uranium and rare earths are the new investor rush

Commodity Market Overview - Silver has risen approximately 155% over the past year, while gold has increased about 80%. Other metals such as platinum, palladium, and copper have also shown significant gains, with platinum up around 120%, palladium 75%, and copper gaining roughly 30% [1] - The broad gains in commodities have led to discussions about a potential new "supercycle," driven by structural forces such as China's rapid urbanization, which has increased demand for various commodities [1][25] Investment Trends - In 2025, precious and industrial metals experienced a rally due to monetary uncertainty and geopolitical tensions, with the Indian rupee depreciating nearly 5% against the dollar, enhancing returns on dollar-denominated metal assets for globally diversified investors [2][25] - Indian investors are increasingly turning to global exchange-traded funds (ETFs) to access a wider range of commodities, including industrial metals and energy, as domestic options remain limited [25][26] ETF Performance - Popular ETFs include SPDR Gold Shares (GLD), which has about $178.9 billion in assets and delivered a one-year return of around 83.5%, and VanEck Gold Miners ETF (GDX), managing about $33.6 billion with a one-year return of approximately 192% [10][11] - The Global X Copper Miners ETF (COPX) has about $8 billion in assets and delivered roughly 156% returns over the past year, while the Global X Uranium ETF (URA) is up about 129.5% amid rising interest in nuclear power [12][26] Investor Behavior - There is a growing preference among Indian investors for ETFs over individual mining stocks, with over 90% of metal investments on platforms like Vested routed through ETFs [17][26] - Interest in metal-focused investments has been steadily increasing, with investments in metal ETFs on Vested Finance's platform growing by 106.11% in 2025, although metals still account for a relatively small share of overall portfolios [15][26] Structural Changes in Investment - The shift in investment behavior is structural rather than behavioral, with metals now intersecting three key forces: monetary uncertainty, electrification and AI infrastructure demand, and geopolitical supply concentration in rare earths and uranium [14][26] - Ultra-high net worth individuals (UHNIs) in India typically invest in gold and silver funds, while also seeking diversified metal ETFs through offshore platforms to enhance their global exposure [25][26]