Commodities: “Silver is overshadowing gold and oil”

The initial shock following the escalation in the Middle East has subsided. In the trading of commodity ETCs, silver is leading the way, while oil remains sensitive to every new headline.

May 13, 2026. FRANKFURT (Deutsche Börse). Activity on the commodities markets has been somewhat calmer in recent weeks. Previously, the outbreak of war in Iran had triggered particularly sharp price movements. Trading in commodity ETCs has focused primarily on two sectors. “In recent weeks, energy commodities were initially in the highest demand. Recently, however, interest in precious metals (primarily silver and gold) has increased significantly again,” explains Ivo Orlemann of ICF Bank. The trader observes “lively trading in both directions” across most securities, making it impossible to identify specific buying or selling trends.

Silver sees a significant rise, while gold trades sideways

Silver has posted the best performance among currently sought-after commodities over the past month. The price per troy ounce rose by about 15 percent during this period, even though the second half of April was still marked by setbacks. This week, the silver price climbed to a two-month high of just under $88. Over the past five days, it has risen by 18 percent. According to Barbara Lambrecht, the impetus for silver’s relative strength likely came from the industrial metals markets. The Commerzbank analyst points to a new record high for the London Metal Exchange index. Silver is more heavily influenced by industrial demand than gold.

In addition, silver is benefiting from a report by the research unit Shanghai Metals Markets, which suggests that Peru could declare a state of emergency due to the energy crisis. This could also affect the production of key metals. “According to Metals Focus, Peru was the third-largest supplier of silver in 2024,” says Lambrecht, who nevertheless warns against excessive optimism and points to the high volatility in the silver market. ICF Bank clients prefer to trade the WisdomTree Physical Silver (JE00B1VS3333).

On the whole, the price of gold has been moving sideways since mid-April. However, capital flows turned positive again this month after the sector experienced a sell-off last month, as Mobeen Tahir of WisdomTree notes. In his view, the overall trend points to a higher long-term equilibrium, supported by more diverse sources of demand, particularly from Asia. Meanwhile, Orlemann reports high trading volumes in traditional gold ETCs (IE00B579F325; JE00BN2CJ301).

Oil Prices Under the Spell of the Iran War

For Brent and WTI oil prices, the news situation in the Middle East remains the decisive influencing factor. Since the sharp rise in early March, prices have been moving sideways amid strong volatility. Recently, the price range has narrowed somewhat. “The short-term outlook remains fragile,” Tahir warns, however. Given the still-tight physical market and limited throughput through the Strait of Hormuz, he believes it is premature to price in a possible ceasefire.

Peter Bösenberg of Société Générale notes that oil products account for a significant share of trading volume. Investors are buying both discount certificates (DE000FE11SL2) and leveraged products such as a 5x long warrant on Brent crude oil (DE000SD0UN75). Orlemann also reports brisk trading in leveraged long products on oil (IE00BMTM6B32; IE00BMTM6D55). But classic oil ETCs such as the WisdomTree Brent Crude Oil (JE00B78CGV99) also rank high in terms of turnover.