Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM.
Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&P 500 +1.6%, TSX +0.6%).
Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking and data-center demand, while lithium (+35.4%) extended its 2025 run as supply deficits loom.
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Nevada King Gold Corp - Mining Monthly: January Edition