Global #Trends by BBVA: Metals: Safe Haven, Volatility or Structural Demand?

Investor appetite for metals has surged amid economic pressure, geopolitical tension and an increasingly fragmented world. Is this simply a tactical move driven by uncertainty, or part of a broader structural shift?

Precious metals have re-emerged as safe havens, with central banks (including China) buying gold at record pace, diversifying reserves and reducing reliance on the US dollar. Yet after a powerful and crowded rally, volatility has become unavoidable.

Beyond short-term swings, the broader materials story remains intact. Industrial metals such as copper, aluminium and steel are essential for electrification, AI infrastructure, data centres and the energy transition. At the same time, rising defence spending (particularly in Europe) adds another durable layer of long-term demand.

Watch the full video to understand why we see recent volatility as part of market normalisation, not a reversal, and why materials and defence remain key themes in a more security-focused global landscape.

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