Gold and silver are reaching historic highs
amid growing economic uncertainty. At the
same time, rising government debt is
reinforcing their role as trusted stores of
value.
Projected growth in critical mineral demand by 2040 (IEA)
Average mine discovery-to-production timeline
Copper needed per EV vs. conventional vehicle
Global copper demand is projected to rise dramatically by 2035, with some forecasts suggesting an increase from 24% to over 40% driven by electrification, AI data centers, and the energy transition.1
Several studies indicate that annual demand could reach 50 million tonnes by 2035, essentially doubling the growth rate seen in the previous 15 years.1
The global copper market is projected to grow from USD 279.29 billion in 2026 to USD 466.67 billion by 2034, exhibiting a CAGR of 6.63% during the forecast period.2
Sources: 1. Wood Mackenzie 2. Fortune Business 3. IEA 4. Bloomberg
New NATO target 2 (2025 Hague Summit):
Sources: 1 & 3. Reuters 2. Nato 4. Policy Magazine
Central bank gold purchases in 2023 — a multi-decade record
Gold at all-time highs, with institutional allocation still well below prior peaks
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