Copper exploded higher last week, but even after the substantial gains, we remain bullish moving forward. Friday’s +3.6% advance saw copper ETFs up ~4.7%, illustrating many investors aren’t still chasing their tale on this theme. Analysts are generally behind the curve when it comes to commodity prices, and we believe there’s never been a better example than copper today, with many forecasts closer to $4 than $5, let alone the $6 that may be on the horizon, i.e. MM believes upgrades are inevitable.
- We are bullish on copper. Although a few weeks’ consolidation may be near, the trend remains up, and surprises usually unfold with the trend.
MM remains bullish towards copper
Add To Hit List
Last week, silver surged to fresh post-COVID highs, with Friday’s +6.5% move the backbone of the advance. We have no interest in fading this breakout across precious metals, with surprises likely to remain on the upside.
- We believe silver and gold can continue their advance through 2024, with bond yields and the $US set to decline, providing a major tailwind.
MM is bullish towards silver
Add To Hit List
