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00:00 Speaker A
I mean, we are at another record for these two precious metals. Silver alone and has up 40% in the past month. I mean, this is a massive gain.
00:10 Speaker B
It’s incredible what silver has done and um, strategists are saying that, you know, we have seen short squeezes on silver before, but this is now you are seeing a deficit in the market. This is what they’re saying is different from other times. Silver, the best conductor of energy, uh of of electricity. You also have uh copper that is the second best and copper has also been uh at record highs as well. So yes, these are industrial uses for the metal that this is where strategists are saying why they are so bullish on this because you do need these metals in order to if you’re going to do manufacturing, data centers, onshoring, etc. This is the use for some for for those metals and you’ve seen these these mega moves in this. Now, I will say that I have spoken to at least one strategist that says be wary of these levels. I mean, you are buying at record high levels. and he’s saying that the last time we saw this type of mood with silver uh was in 1979, 1980 and then you saw the metals crash after that. So it just depends. Again, you have though some strategist that are saying that in this case, it’s deficit. When it comes to gold, it’s a different story because you are seeing central banks that are acquiring gold, etc.
01:31 Speaker A
Keith, I could sure make the case that we are right in the middle of a precious metal or towards the latter stages of a precious metal bubble more so than we are at an AI bubble.
01:46 Keith
Yeah, the the look the charts tell tell a simple story. It’s been uh straight up into the right for gold and silver as well. We have uh both in our our strategies, our global macro strategies. And we feel like the gold allure, um, and which is where we have a heavier position um than silver at this moment, kind of mitigates a lot of risks that we look at from a global macro standpoint with whether it’s fiscal here in the US or or or worldwide. Um, also monetary policy uh mistakes that have a potential to to really popping up in 2026 as well. Um, so so we’re exposed to both. Um, copper is one that always Dr. Copper has been looked at as a a a barometer of the expectation of global uh macro global economic growth. Um, and that’s why the latest run was was 2005 to 7 when the during the build out of uh of of China from a from an industrial standpoint. We really don’t see that demand right now. So we feel like there’s some froth or sentiment that’s bubbling up that’s really uh getting into um, you know, the price of gold, silver um and copper. Um, copper we feel like has has a little more uh to lose as the industrial uh demand of it really doesn’t really speak to the prices that we’re at right now. So we feel like gold and silver have a little more um risk reward to it even at these levels to our clients portfolios than than some of the industrial metals like copper.