Copper has very strong physical demand from data centers, grid upgrades, and constrained supply, and it is holding up better than gold, making it the most attractive commodity among metals.
Central bank gold purchases are accelerating (China bought 15 tons in June), and if the Fed holds rates, ETF outflows could reverse, paving the way for gold to reach $4,450/oz by Q4.
Silver has lagged gold with a high gold/silver ratio, and a copper rally would pull silver up; ETF buying could finally engage, providing significant upside.