Precious and Industrial Metals
Gold and silver are prized as stores of value; copper and other industrial metals follow the economy. Here is what drives each group and how metals have moved in our recent price data.
Two families of metals
Precious metals, mainly gold and silver, are bought as stores of value, for jewelry and, in silver’s case, for industry too. Central banks hold gold as a reserve. Industrial metals, like copper and aluminum, go into buildings, cars, power grids and electronics, so demand rises and falls with economic growth.
Real moves
| Fund | July 2024 | Sept. 18, 2026 | Change | Largest drop |
|---|---|---|---|---|
| Gold (GLD) | $218.19 | $401.17 | +83.9% | −26.4% |
| Silver (SLV) | $28.13 | $59.93 | +113.0% | −52.3% |
| Copper (CPER) | $28.53 | $40.23 | +41.0% | −24.8% |
In our price data, July 8, 2024 to Sept. 18, 2026. Past performance does not predict future results.
Gold’s surge and pullback
In our price data, the gold fund GLD rose from about $218 in July 2024 to a record $495.90 on Jan. 29, 2026, then fell about 26% by mid-July before recovering to about $401. Even the classic “safe haven” can swing hard.
A real chart: gold fund (GLD) weekly bars, July 2024 to Sept. 2026. Past performance does not predict future results.
What moves metals
- Gold: real interest rates, the dollar, central bank buying and fear.
- Silver: gold’s moves plus industrial demand, such as solar panels; it swings more than gold.
- Copper: construction, electric vehicles, power grids and China’s economy.
- Mining stocks: magnify metal price moves because their costs are largely fixed.
Key takeaways
- Precious metals are stores of value; industrial metals follow the economy.
- Gold rose about 84% from July 2024 to Sept. 2026 in our data.
- Silver swings more than gold.
- Mining stocks magnify metal price moves.