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Metals Performance: Year-to-Date Analysis

The metals are off to a good start. Leading the charge is silver, up close to 27.7% in the first half. The “poor man’s gold” is proving its worth, driven by a global supply deficit and increasing demand. Back in January, the Silver Institute forecasted that global silver demand will reach a near-record 1.2 billion ounces in 2024, up 1% from last year. This growth is primarily fueled by industrial applications, particularly in the booming solar energy sector.

The yellow metal has shone brightly in 2024, rising 14.3% year-to-date and outperforming many major asset classes. This performance is particularly impressive given the high interest rates and strong U.S. dollar—conditions that ordinarily create a challenging environment for gold.

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