As hyperscalers rush to build out computing power and pour hundreds of billions of pounds into data centres, analysts are predicting a new commodities boom off the back of the materials and power required.
In the latest in our Investing Analyst series, Thomas McMahon, head of investment companies research, Kepler Partners, looks at what has happened in the commodity markets, why gold has come off the boil and the best investment trusts to play the AI 'picks and shovels' trade.
If you considered investing in gold in January this year, you might be interested to know that everyone else was too.
Google Trends data shows a steady ramp up in searches for ‘investing in gold’ and other similar search terms over 2025, peaking in January.
Meanwhile, industry data shows steadily rising inflows into exchange-traded funds (ETFs) over 2025, which also spiked in January, just before a flash crash which saw a 10 per cent drop in the gold price in one day.
