Year-End Major Asset Classes Review: Silver Leads with Over 140% Gain, Equity Markets Rise Broadly, Weak Dollar Drives Asset Allocation
As 2025 draws to a close, what report card did global major asset classes deliver? What are the trends for major asset allocation in 2026?
According to latest statistics from relevant channels, precious metals performed particularly strongly among major asset classes in 2025, with gold up over 60% and silver surging over 140% to take the crown. The balance between stocks and bonds tilted toward equities, with emerging markets like A-shares and tech growth stocks outperforming.
Overall, the 2025 major asset classes ranked from best to worst: precious metals (silver outperforming gold) > copper > U.S. stocks (Nasdaq > S&P > Dow) > U.S. Treasuries (including coupons) > dollar > crude oil.
Industry researchers believe the weak dollar drove global capital to seek alternatives to dollar assets. In 2026, equity opportunities are expected to remain superior to bonds, with gold poised for new highs.
Equity Markets Rise, Commodities Highly Divergent
Reviewing 2025 major asset performance, precious metals stood out, U.S. stocks performed well, and commodities showed sharp divergence.
Compared to widespread declines in 2022 and structural divergence in 2023–2024, global indices in 2025 showed broad recovery, with emerging and developed markets resonating upward — emerging markets and tech stocks particularly strong.
In bonds, the 10-year U.S. Treasury yield trended lower, down over 50 bps YTD to 4.10% — easing but still elevated. The BOJ hiked twice this year, pushing Japanese yields higher, with the 10-year JGB up over 100 bps to break 2%.
Commodities diverged significantly: gold up over 60%, silver over 140% — both repeatedly hitting records. Copper rose over 30%. In contrast, international crude was lackluster, with WTI down 19%. Domestically, lithium carbonate, polysilicon and others bottomed and rebounded.
Gold prices showed stepwise gains throughout 2025, driven by dollar and rate pricing shifts, geopolitical/tariff risks, sustained central bank and ETF inflows, shaken dollar confidence, and de-dollarization. Crude was shaped by tariff uncertainty, OPEC+ production paths, and geopolitical disruptions — price center shifting markedly lower vs end-2024.
Currencies: Dollar Index worst annual performance since 2017, down ~10%. RMB/USD up ~3%, EUR/USD up ~15%, JPY/USD rose then fell — roughly flat YTD.
Overall, 2025 major asset classes ranked best to worst: precious metals (silver stronger than gold), equities (emerging markets/tech growth better), U.S. Treasuries, dollar, crude.
Rhythm-wise, two key inflection points: April (U.S. unilateral global tariffs impacting markets); July (overseas investors anticipating Fed restart, cuts landing in September).
“Stocks Strong, Bonds Weak” Likely to Continue – Gold to New Highs
Looking to 2026, amid weak dollar, global capital seeks dollar asset alternatives. U.S. fiscal unsustainability, policy divergence with other economies, and eroding dollar credit drive weakness — the global reallocation starting 2025 expected to continue in 2026.
Specifically, consensus views equity opportunities superior to bonds in 2026, with precious metals remaining strong.
Forecast 2026 total return ranking: U.S. stocks > copper > gold > U.S. Treasuries (including coupons) > dollar > crude.
Fed has ~50 bps cut room in 2026 — short-end yields likely follow policy lower, 1-year Treasury range 3.1%–3.6%. U.S. deficit concerns persist, 10-year Treasury range 3.9%–4.3%.
Gold to new highs in 2026: potential geopolitical risks and trade conflicts sustain safe-haven demand; de-dollarization, central bank buying form solid long-term foundation. Given significant 2025 gains with factors partly priced in, 2026 upside may narrow to 10%–15% — potentially challenging $5,000/oz.