Gold and Silver Crush the S&P 500 and Copper in Historic Two-Year Rout
How Gold & Silver Delivered a 100%+ Beatdown to Stocks and Copper While Everyone Was Watching the Fed
For the past twenty-four months, anyone still betting solely on the S&P 500 or the “Dr Copper” thesis has been quietly handed a masterclass in humility. While global equities and the world’s favorite industrial metal posted respectable gains, gold surged more than 103 percent and silver rocketed an eye-watering 144 percent through early December 2025. That’s not outperformance, that’s a different league entirely.
Let that sink in: the classic “risk-on” bellwether (the S&P 500) returned roughly 44 percent over the same stretch, including dividends. Copper, the metal everyone loves to call the economic PhD, managed about 38 percent. Precious metals didn’t just beat them, they lapped them twice and still had energy left for an encore.
The divergence is now impossible to ignore. From New Year’s Eve 2023 to the first week of December 2025, an ounce of gold climbed from $2,063 to $4,187. Silver, the rowdier sibling, sprinted from $23.80 to $58.03. These are not rounded marketing figures; they are the actual settled prices reported by the major exchanges. Triple-digit gains for both metals are no longer debatable, they are historical fact.

