Gold shone in 2025 as uncertainty, falling real rates, and a weakening dollar fuelled the safe-haven trade. But when should investors start rotating into industrial commodities and energy? 

In this episode of Ask an Analyst, Tim Clark, Head Equity Research, General Mining Analyst, SBG Securities, unpacks: 

• Why gold and precious metals are outperforming right now.
• How weakening rate expectations and the US dollar shape commodity cycles.
• When rotation into industrial and energy commodities is likely.
• Why AI-driven data centre investment could make copper the standout commodity over the next year. 

Key takeaway: Gold’s strength may persist for another nine to 12 months, but copper-led industrial demand could set the stage for a powerful rotation into general miners. 

Watch now for expert insight into what’s next for mining stocks. 

The views and opinions shared are for informational purposes only. They are not intended to serve as investment advice and do not represent the views or opinions of Standard Bank. This information should be used as a starting point for generating investment ideas, and should not be relied upon as the basis for making investment decisions. The Standard Bank of South Africa Limited will not be responsible for the results of any investment decisions made based on the views provided.