Amid heightened global volatility, geopolitical tensions, and an accelerating energy transition, precious and industrial metals are setting the pace for the world economy. This report from El Ciudadano examines the expected trajectory of silver, gold and copper between 2025 and 2030.

Our projections weigh macroeconomic trends, industrial supply and demand, financial investment flows, regulatory changes, and risk scenarios. Below are conservative, base and optimistic outlooks—plus analysis of the forces likely to shape prices over the period.

Silver: A Cornerstone of the Energy Transition

Silver has emerged as a strategic asset in the energy transition. Its essential role in solar panels, electric vehicles and energy storage technologies is accelerating demand. On the supply side, production remains constrained because silver is predominantly mined as a by-product of copper, lead and zinc, creating structural deficits that keep upward pressure on prices.

Through 2030, analysts see silver trading in a conservative range around 56 USD/oz and potentially reaching up to 80 USD/oz in an optimistic scenario—reinforcing its dual identity as both an industrial metal and an investment asset.

Gold: A Safe-Haven Asset in an Uncertain World

Gold continues to serve its historic role as a safe haven in periods of uncertainty. While Federal Reserve policy and dollar strength are key drivers, investors still turn to gold to hedge inflation, geopolitical conflict and financial risk.

The 2030 outlook places gold in a range from about 1,880 USD/oz in a conservative case to as high as 2,800 USD/oz in an optimistic scenario, with the base case pointing to levels above 2,400 USD/oz by the end of the period.

Copper: The Backbone of Electrification

Copper is often dubbed the ‘new oil’ of global electrification. Its central role in power grids, electric vehicles, renewable energy and urbanization makes it a critical resource. Yet supply faces mounting environmental, social and regulatory hurdles—especially in Latin America, home to the largest reserves.

Price projections show copper ranging from 3.2 USD/lb in a conservative scenario to 6.5 USD/lb in an optimistic case, with a base case near 5.2 USD/lb by 2030. Strong technology-led demand, alongside limited room for rapid mine expansion, underpins expectations for elevated prices into the next decade.

A Strategic Metals Future

Silver, gold and copper will continue to play strategic roles in the global economy. Gold cements its status as a safe-haven asset, while silver and copper remain central to the energy transition. A structural supply deficit in silver, persistent growth in copper demand, and gold’s resilience as a store of value all point to firm pricing into 2030.

Investors and governments should monitor these markets closely: these metals are not only financial assets, but also pillars of the evolving economic and technological order of the coming decade.

The State of Chile should actively safeguard these non-renewable natural resources—as well as lithium—so the upswing benefits society as a whole.

El Ciudadano