--- title: Winners, losers and the overlooked description: Gold shines as 2025’s top performer, Bitcoin falters, US stocks lag global peers — and while silver steals the spotlight, copper quietly makes its case. 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You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Winners, losers and the overlooked Gold shines as 2025’s top performer, Bitcoin falters, US stocks lag global peers — and while silver steals the spotlight, copper quietly makes its case. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Tuesday, 01/06/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Syz-Feature_WeekIn7Charts_260106.pdf) - - - - #### Chart #1 — ## Total returns for 2025. Gold best performing asset class. Bitcoin is the worst Gold (+64%) was the best performing major asset in 2025 while Bitcoin (-6%) was the worst. Something we haven't seen before in any calendar year (the inverse of 2013). ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Dec-22-2025-09-19-27-1456-AM.png?width=940&height=630&name=image-png-Dec-22-2025-09-19-27-1456-AM.png) Source: Charlie Bilello --- #### Chart #2 — ## 2025, the year when US stocks underperformed the rest of the world Europe and Emerging Markets equities sharply outperformed US stocks last year. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-26-21-5191-PM.png?width=767&height=408&name=image-png-Jan-06-2026-01-26-21-5191-PM.png) Source: Charlie Bilello --- #### Chart #3 — ## Most active managers underperformed the S&P 500 in 2025   According to Bloomberg, “around $1 trillion was pulled from active equity mutual funds over the year, marking an 11th year of net outflows, while passive equity exchange-traded funds got more than $600 billion.” Two factors, disappointing performance and high fees, not only drove this migration but also created additional challenges for actively managed funds. On the other side, passive funds remained structurally bound to the index, unable to overweight the handful of mega-cap stocks that drove market gains. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-27-24-2157-PM.png?width=753&height=495&name=image-png-Jan-06-2026-01-27-24-2157-PM.png)Source: Mohamed A. El-Erian @elerianm on X, Bloomberg --- #### Chart #4 — ## Everyone's talking about silver, but what about copper? Copper is up 43% this year, on pace for the best year since 2009. Morgan Stanley expects the most severe copper deficit in 22 years in 2026 (-590k tons). In fact, output in the world’s largest producing country is at one of its lowest levels in over a decade. At the same time, demand from AI data centres and electric vehicles is expected to outpace supply. Nearly half of copper mines are over 20 years old, and ore grades have fallen ~40% since 1991, pushing costs higher and slowing supply response. Miners have struggled for years to keep up. Data suggests higher copper prices are here to stay. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-28-26-3022-PM.png?width=820&height=478&name=image-png-Jan-06-2026-01-28-26-3022-PM.png)Source: Barchart, Boomberg --- #### Chart #5 — ## The "URANIUM SQUEEZE": data centres vs. supply chains If you think the energy transition is just about solar panels and wind turbines, you’re missing the biggest structural shift in the market right now. Uranium is no longer just a commodity. It is becoming a top-tier strategic asset. 🛡️ Here is why the "Nuclear Renaissance" is reaching a boiling point: 1️⃣ The AI Power Hunger 🤖 Large language models don't just need data; they need uninterrupted, carbon-free baseload power. \* Tech giants (Amazon, Google, Microsoft) are pivoting to nuclear to power their massive AI data centres. Unlike renewables, nuclear provides the 24/7 "always-on" energy that AI requires to function. 2️⃣ Extreme Supply Concentration The global supply map is shockingly narrow. Kazakhstan dominates the market, producing ~40% of the world’s uranium. Canada and Namibia form the critical "second tier" for Western energy security. In a world of geopolitical tension, depending on a single region for 40% of your fuel is a massive risk. 3️⃣ The looming deficit 📉 The maths doesn't add up. We are seeing record reactor restarts and new builds globally. Primary mine production is lagging behind actual reactor requirements. Secondary supplies (stockpiles) are thinning out fast. The bottom line: as we move toward a high-tech, low-carbon future, the demand for "reliable green power" is skyrocketing—but the "fuel" for that power is controlled by just a handful of players. In a tight, concentrated market, security of supply is the only thing that matters. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-29-58-2417-PM.png?width=548&height=617&name=image-png-Jan-06-2026-01-29-58-2417-PM.png)Source: Jack Prandelli on X --- #### Chart #6 — ## The number of annual ETF launches in the US crossed 1,100 for the first time in history This is more than DOUBLE the number seen in 2023 and marks the 3rd-consecutive annual increase. At the same time, US-listed ETFs have attracted a record $1.4 trillion in net inflows so far in 2025. As a result, trading volume this year has risen to an astonishing $58 trillion. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-30-47-2508-PM.png?width=794&height=558&name=image-png-Jan-06-2026-01-30-47-2508-PM.png)Source: Bloomberg Intelligence --- #### Chart #7 — ## 4 countries - 50% of the world’s oil The global economy runs on a map that is shockingly concentrated. We aren't just talking about energy; we are talking about the ultimate geopolitical leverage. The heavy hitters: - Venezuela: 303B barrels - Saudi Arabia: 267B barrels - Iran: 209B barrels - Canada: 163B barrels Total: 942 billion barrels. But here is what most people miss: reserves are different from production. Having the oil in the ground is one thing. Getting it to a gas station in Ohio or a factory in Shanghai is another. Why is the "Reserve Map" is decoupled from reality: - The execution gap: Saudi Arabia and the UAE win because they combine scale with elite execution. They move the "marginal barrel" that sets the price. - The constraint trap: Venezuela and Iran sit on oceans of oil, but sanctions and decaying infrastructure keep that wealth locked away. - The friction factor: Canada’s oil sands are massive, but they face a triple threat of high capital costs, pipeline bottlenecks, and political scrutiny. The bottom line: The market doesn’t price how much oil exists. It prices how much oil can reliably flow. This concentration creates a permanent "risk premium." As long as the supply is held by a handful of regimes and fragile export routes, volatility isn't a bug—it’s a feature. The energy transition might slow down demand in the West, but as long as supply power remains this concentrated, the world remains one geopolitical "hiccup" away from a price spike. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jan-06-2026-01-31-51-5487-PM.png?width=509&height=627&name=image-png-Jan-06-2026-01-31-51-5487-PM.png) Source: Visual Capitalist, Jack Prandelli @jackprandelli --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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