Precious and industrial metals surged to all-time highs this week, with gold, silver, copper, and tin all breaking records. Investors are betting the Federal Reserve will deliver more interest rate cuts this year, a move that typically weakens the dollar and boosts hard assets. Broader market sentiment has also improved, fueling a dramatic start to the year for commodities.

China’s trade surplus swelled to a record $1.2 trillion in 2025, powered by surprisingly strong overseas shipments late in the year. Even as sales to the United States continued to slide, exporters found new buyers in developing markets. Beijing’s push to diversify trade partners has softened the blow from persistent US tariffs and geopolitical friction.

The rally in metals reflects a broader shift toward tangible assets as investors hedge against inflation and slowing growth. Copper and tin, critical for electrification and manufacturing, point to resilient industrial demand. Meanwhile, political noise spiked after Donald Trump criticized JPMorgan Chase CEO Jamie Dimon’s views on Fed policy, adding another layer of uncertainty to markets.