Copper is fundamentally driven by global electrification and data center buildout, with chronic underinvestment in new supply creating a looming shortage. Price could reach $12–$18/lb in a short time frame, potentially doubling, making it more attractive than gold over the next 12 months.
Gold mining equities have sold off sharply (GDX down 35%) while gold remains at $4,000/oz, providing fat margins for producers. Developers offer the most leverage to gold price and are unloved. The fund has been adding to positions during the pullback, expecting a bottom to form.
Physical gold is a long-term hedge against inflation that has outperformed the S&P 500 over the past 25 years. For investors with a multi-decade horizon, dollar-cost averaging into physical gold provides wealth protection, regardless of short-term price swings.